- Mein Schiff 3 to improve energy efficiency by about 30%
- Regent Seven Seas makes itinerary changes for fall 2014
- Mein Schiff 1 godmother to celebrate fourth anniversary of ship with gala concert
- Keel laid for largest P&O Cruises’ ship at Monfalcone
- Fred Olsen first quarter losses increased, but yields rose and debt was reduced
- Viking launches its ocean project, company rebrands
- Royal Caribbean's Vice Chairman and CFO Rice to retire
- TUI AG to restructure Hapag-Lloyd Kreuzfahrten unit after its deep interim losses
- RCCL to revitalise Voyager of the Seas before 2014-15 Australasia deployment
- High airfares force Carnival Cruise Lines out of Europe 2014
- Australian source market grew 11% to 694,000 passengers in 2012
- Norwegian sees $2.2 billion capex on newbuildings to 2015
Ports & Destinations
- Norwegian Breakaway makes maiden call to Bermuda
- Study demonstrates that BC cruise ports continue to be an economic hub in Canada
- Ports America awarded operating contract for Port of Los Angeles Cruise Terminal
- Cruise tourism's contribution to Dubai's tourism growth due to grow in 2014
- Holland America to introduce calls at Banana Coast in Honduras
Products & services
- Wärtsilä Aquarius ballast water system received final approval
- Wallem opens first hub of expertise in Singapore as it looks to establish strategic maritime locations around the world
- AIDA calls at Lloyd Werft for the first time
- Wärtsilä signs five year Viking Grace maintenance agreement
- Bolidt supplies 16,500sqm of decking material to Norwegian Breakaway
- 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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