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Yields rose more and cruise costs less than what Carnival had forecast

Carnival Corporation & plc, the Anglo-American cruise shipping group, said gross yield increase in constant currency terms had exceeded outperformed the company’s own guidance, issued in June.

Cruise costs had risen less than forecast, but this was due to technical factors.

“In constant currency, net revenue yields increased 2.9%, better than June guidance of up 1.5% to 2.5%,” the company said in a statement.

Gross revenue yields (revenue per available lower berth day or "ALBD") increased 4.0% in the third quarter, year on, as reported.

Meanwhile, gross cruise costs including fuel per ALBD decreased 2.6%. In constant currency, net cruise costs excluding fuel per ALBD increased 2.7% better than June guidance of up 3.0% to 4.0%, principally due to the timing of expenses between quarters.

Changes in fuel prices (including realised fuel derivatives) and currency exchange rates decreased earnings by $0.08 per share.

Highlights from the third quarter include the signing of an agreement between Princess Cruises and Italian shipbuilder Fincantieri S.p.A to build two new liquefied natural gas ("LNG") cruise ships that will be delivered in 2023 and 2025, bringing the total to 11 LNG cruise ships on order.

P&O Cruises (Australia) announced the sale of Pacific Jewel, which will leave the fleet in March 2019; Holland America Line announced the sale of Prinsendam,  which will leave the fleet in July 2019; and P&O Cruises (UK) announced the sale of Oriana, which will leave the fleet in August 2019, bringing the total to four ships leaving the fleet in 2019.

 

Seabourn received approval to begin sailing to Cuba from Miami and San Juan, becoming our third cruise brand currently approved to sail to Cuba. The company released its 2017 Sustainability Report and achieved its goal to reduce its carbon footprint by 25 percent three years ahead of schedule.

 

CBR 2/2018 CONTENTS

CBR 1/2018 CONTENTS

CBR 3/2017 CONTENTS