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Carnival Corp & plc 2Q11 net income falls to $206 million from $252 million

Carnival Corporation & plc, the world’s largest cruise shipping group, reported net income of $206 million, or $0.26 diluted EPS, on revenues of $3.6 billion for its second quarter ended May 31,2011. Net income for the second quarter of 2010 was $252 million, or $0.32 diluted EPS, on revenues of $3.3 billion.

Commenting on the second quarter, Carnival Corporation & plc Chairman and CEO Micky Arison said, "Our North America brands' revenue yields increased 3 percent in the second quarter while yields for our Europe, Australia and Asia brands were up slightly (constantdollars), having been affected by the geo-political events which unfolded inthe Middle East and North Africa, as well as the earthquake and nuclear disaster in Japan. The revenue yield improvement was more than offset by higher fuel prices which cost the company approximately $150 million, or $0.19 pershare."

On a constant dollar basis net revenue yields (net revenue per available lower berth day) increased 2.3 percent for 2Q 2011,which was in line with the company's March guidance, up 1.5 to 2.5 percent. Net revenue yields in current dollars increased 6.0 percent due to favorable currency exchange rates. Gross revenue yields increased 5.8 percent in current dollars.

Net cruise costs excluding fuel peravailable lower berth day ("ALBD") increased 2.7 percent in constantdollars, which was in line with March guidance, up 2.0 to 3.0 percent. Gross cruise costs including fuel per ALBD in current dollars increased 10.3 percent. Fuel prices increased 35 percent to $673per metric ton for 2Q 2011 from $498 per metric ton in 2Q 2010 and was highe rthan March guidance of $659 per metric ton.

Continuing with its strategic growth initiatives, the company took delivery of its 100th ship, Carnival Cruise Lines' 3,690-passenger Carnival Magic, in late April. Two additional ships, AIDA Cruises' 2,194-passenger AIDAsol and Seabourn's 450-passenger Seabourn Quest were also delivered during the 2011 second quarter. Also, during the second quarter a contract was finalized with Fincantieri for the construction of a 3,611-passenger ship for P&O Cruises (UK) scheduled to be delivered in February 2015. The order marks Carnival Corporation & plc's first ship delivery for 2015, aligned with the company's strategy to have two to three ships constructed per year.

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