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Carnival Corp & plc first quarter net profit falls to $152 million
- Details
- Category: Top Headlines
- Published on Tuesday, 22 March 2011 15:12
- Written by Kari Reinikainen
Carnival Corporation & plc, the world’s largest cruise shipping group, reported net income of $152 million, or $0.19 diluted EPS, on revenues of $3.4 billion for its first quarter ended February 28, 2011. Net income for the first quarter 2010 was $175 million, or $0.22 diluted EPS, on revenues of $3.2 billion. The first quarter 2010 included the favorable impact of $0.10 per share from unusual items.
Chairman and CEO Micky Arison indicated that earnings in the first quarter 2011 were at the high end of the company’s December guidance due to lower than expected unit costs which offset higher than expected fuel prices. Commenting on the first quarter, Arison said, “Net revenue yields increased 2 percent (constant dollars) driven by a significant improvement in ticket prices for our European brands. We remained focused on managing costs and reducing fuel consumption. All of which more than offset rising fuel prices during the quarter.”
Key metrics for the first quarter 2011 compared to the prior year were as follows:
• On a constant dollar basis net revenue yields (net revenue per available lower berth day) increased 2.0 percent for 1Q 2011, which was in line with December guidance. Gross revenue yields increased 2.4 percent in current dollars.
• Net cruise costs, excluding fuel and the 1Q 2010 $44 million gain on the sale of P&O Cruises (UK)’s Artemis, per available lower berth day (“ALBD”) were in line with the prior year in constant dollars, and were better than the December guidance of flat to up 1 percent. Gross cruise costs per ALBD in current dollars increased 4.4 percent.
• Fuel prices increased 9 percent to $543 per metric ton for 1Q 2011 from $497 per metric ton in 1Q 2010 and were higher than the December guidance of $526 per metric ton.
During the first quarter, the company announced an increase in its regular quarterly dividend to $0.25 per share from $0.10 per share, signifying continuing confidence in the company’s future earnings potential.
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