Carnival Falls on Lower Guidance

   By Francesca Fontana 
 

Carnival Corp. (CCL), the world's largest cruise ship operator, released its second-quarter financial results before the market opened Monday. Here's what you need to know.

PROFIT: The Miami-based company reported earnings of $561 million, or 78 cents a share, compared to $379 million, or 52 cents a share, a year earlier. On an adjusted basis, the company earned 68 cents a share, compared to 52 cents a share a year earlier.

REVENUE: The company reported revenue of $4.36 billion, up 10.4%.

CRUISE COSTS: Carnival said that gross cruise costs including fuel per available lower berth day increased 8.2% during the quarter. In constant currency, the company's net cruise costs excluding fuel per available lower berth day increased 3.6%, beating March guidance of 4% to 5%.

LOWERED GUIDANCE: Carnival lowered its guidance for the year, forecasting adjusted earnings of $4.15 to $4.25 a share, compared to last quarter's estimates of $4.20 to $4.40 a share. For the third quarter, Carnival expects changing fuel prices and currency exchange rates to decrease earnings by 6 cents a share compared to the prior year.

Shares fell 9.5% to $57.49 Monday morning. The stock is down 13% so far this year.

Write to Francesca Fontana at [e-mail]

(END) Dow Jones Newswires

June 25, 2018 10:45 ET (14:45 GMT)

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