Carnival Corp. (NYSE: CCL) released its most recent earnings report before the markets opened on Tuesday. The company had $1.75 in earnings per share (EPS) on $4.88 billion in revenue. That compared to the consensus estimates from Thomson Reuters that call for $1.63 in EPS on revenues of $4.82 billion. In the same period of the previous year, the company posted EPS of $1.58 and $4.95 billion in revenue.
Looking ahead, fourth-quarter constant currency net revenue yields are expected to be up approximately 3% compared to the prior year. Net cruise costs excluding fuel per ALBD for the fourth quarter are expected to be higher by approximately 3% on a constant currency basis compared to the prior year.
As a result, the company expects EPS in the range of $0.36 to $0.40, compared to the consensus EPS estimate of $0.46 for the fiscal fourth quarter.
Arnold Donald, president and CEO of Carnival, said:
Our third quarter non-GAAP performance was the strongest of any quarter on record with earnings $0.17 per share higher than the prior year despite a slight drag from the net impact of fuel prices and currency. Non-GAAP earnings for the quarter were also $0.17 higher than the mid-point of prior guidance. Net revenue yields improved 5 percent (constant currency) from the prior year benefiting from strong demand which led to higher occupancy levels, increased ticket prices and increased onboard spending. Clearly our ongoing investments in the guest experience, combined with our global marketing and public relations efforts along with our initiatives to leverage our scale are having a positive impact.
On the books, the company had $539 million in cash and cash equivalents, compared to $331 million in at the end of the previous fiscal year.
Shares of Carnival closed Monday up 1.2%, at $52.68 on its 52-week trading range of $33.11 to $54.05. On Tuesday morning, shares were down 4.8% at $50.12. The consensus analyst price target is $56.14.
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