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Carnival raises 2017 earnings guidance to £3.50 to $3.70 per share

Carnival Corporation & plc, the American-British cruise shipping group, expects full financial year 2017 adjusted earnings per share to be in the range of $3.50 to $3.70 compared to December guidance of $3.30 to $3.60 and 2016 adjusted earnings per share of $3.45.

“At this time, cumulative advance bookings for the remainder of 2017 are well ahead of the prior year at considerably higher prices. During the quarter, both booking volumes and pricing for the remainder of 2017 have been running ahead of last year,” the company said in a statement. Its financial year ends on 30 November.

Arnold Donald, President and CEO commented: “Wave season, our peak booking period, was strong leaving us well positioned with bookings at considerably higher prices and with less inventory remaining for sale in 2017 compared to the prior year, resulting in increased earnings guidance.”

“We are clearly benefiting from our efforts to increase cruise consideration through guest experience innovations, creative marketing, and public relations programs. We are reaching consumers through multiple touch points and laying the foundation for continued earnings improvement and sustained double digit returns on invested capital,” he said.

The company expects full year 2017 net revenue yields in constant currency to be up approximately 3 percent compared to the prior year, better than December guidance of up approximately 2.5 percent. The company continues to expect full year net cruise costs excluding fuel per ALBD in constant currency to be up approximately 1 percent compared to the prior year.

Changes in fuel prices (including realised fuel derivatives) and currency exchange rates compared to the prior year are expected to decrease earnings by $0.35 per share.

CBR 2/2017 CONTENTS

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