Carnival Corp & plc financial year net income rose 11% to $2.0 billion

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Published on Tuesday, 21 December 2010 16:02

Written by Kari Reinikainen

Carnival Corporation & plc, the world’s largest cruise shipping group, reported net income for the full year ended November 30, 2010 of $2.0 billion, or $2.47 diluted EPS (earnings per share), compared to net income of $1.8 billion, or $2.24 diluted EPS, for the prior year. Revenues for the full year 2010 were $14.5 billion compared to $13.5 billion for the prior year.

For the fourth quarter, the company reported net income of $248 million, with earnings per share increasing almost 30 percent to $0.31 diluted EPS, on revenues of $3.5 billion for its fourth quarter ended November 30, 2010. Net income for the fourth quarter of 2009 was $193 million, or $0.24 diluted EPS, on revenues of $3.3 billion.

Earnings per share in the fourth quarter was just $0.01 below the company's September guidance despite the recently announced voyage disruptions, which reduced earnings by $0.07 per share.

Micky Arison, Carnival Corporation & plc Chairman and CEO, commenting on full year results said, "All-in-all, 2010 was an encouraging year with improved business trends from a gradually recovering economy. We achieved an 11 percent increase in net income on 7 percent higher revenues. We recovered almost 3 points of revenue yield (constant dollars) from 2009's levels, while improved processes and efficiencies led to a 3 percent reduction in unit costs excluding fuel."

Arison added, "Cash from operations increased 14 percent to reach $3.8 billion, more than enough to fund our expansion program which peaked this year at a capital investment of $3.6 billion. We also reinstated the dividend early in 2010 at an initial rate of $0.10 per quarter."

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