Carnival Lowers Full-Year Profit Outlook

By Kimberly Chin

Carnival Corp. (CCL) lowered its full-year earnings outlook on Thursday citing less inventory remaining for sale this year compared with last year.

Carnival said it now expects adjusted earnings to be in the range of $4.25 to $4.35 a share, compared with its previous forecast of $4.35 to $4.55 a share.

The company said it expects a negative effect of 8 cents to 10 cents a share from voyage disruptions related to technical issues on its Carnival Vista cruise line. It also expects a negative impact of 4 cents to 6 cents related to the U.S. government's policy change on travel to Cuba.

The cruise line operator also said it expects to be negatively impacted by lower net revenue yields in the latter half of the year.

The company said advanced bookings for the rest of the year are slightly ahead of last year with prices that are in line with the year prior. Bookings into the full year 2020 are also ahead with prices in line with 2019.

Shares of Carnival, had gained 7.2% for the year, were off 6.9% in premarket trading.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

June 20, 2019 07:34 ET (11:34 GMT)

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