Carnival Corp quarterly profit, revenue beat estimates


Carnival Corp, the world’s largest cruise operator, reported higher-than-expected quarterly revenue and profit, helped by an increase in ticket prices and onboard spending.

The company’s shares rose as much as 3.04 percent to $52.88 in early trading on Tuesday.

The operator of Costa and Princess Cruise lines, however, said higher fuel prices and changes in currency rates would hurt its results in 2017.

Carnival said it expects 2017 adjusted earnings between $3.30-$3.60 per share. Analysts on average are expecting earnings of $3.69.

The company’s net income rose to $609 million, or 83 cents per share, in the fourth quarter ended Nov. 30, from $270 million, or 35 cents per share, a year earlier.

Excluding items, the company earned 67 cents per share, beating the average analyst estimate of 58 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 6.04 percent to $3.94 billion, beating the average analyst estimate of $3.90 billion.

Up to Monday’s close, Carnival’s shares had fallen 5.8 percent since the start of the year.




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