Carnival Corp. (NYSE: CCL) reported fiscal second-quarter financial results before the markets opened on Tuesday. The company said that it had $0.49 in earnings per share (EPS) on $3.7 billion in revenue. There were consensus estimates from Thomson Reuters that called for $0.39 in EPS on $3.68 billion in revenue. The same period from last year had $0.25 in EPS on $3.59 billion in revenue.
During this quarter, Carnival became the first cruise company to begin operating voyages from the U.S. to Cuba in more than four decades through its Fathom brand.
One of the key metrics that the company noted was that at this time, cumulative advance bookings for the remainder of the year were well ahead of the prior year at slightly higher prices. Since March, bookings for the remainder of the year are at higher prices with volumes running lower than last year because there is less inventory remaining for sale than at this time in 2015.
In terms of outlook for the fiscal third-quarter, the company expects net revenue yields to be up 2% to 3% and for EPS to be in the range of $1.83 to $1.87. There are consensus estimates calling for $5.08 billion in revenue and $1.98 in EPS for the coming quarter.
Arnold Donald, President and CEO of Carnival, commented:
Our strong second quarter demonstrates continued momentum as we again achieved a near doubling of adjusted earnings per share. Our ongoing effort to drive demand for our brands in excess of our measured capacity growth has led to increased revenues and helped maintain the mid-point of our full year earnings guidance despite the recent currency movements and rises in fuel prices that combined represent a negative $0.17 per share.
On the books, cash and cash equivalents totaled $519 million at the end of the quarter, versus $1.40 billion at the end of the previous fiscal year.
Shares of Carnival closed Monday down 4.4% at $43.64, with a consensus analyst price target of $60.06 and a 52-week trading range of $40.52 to $55.77. Following the release of the earnings report the stock was up 4% at $45.44 early on Tuesday.
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.