Carnival Corporation & plc, the world’s largest cruise shipping company, reported net income of $72 million, or $0.09 diluted EPS for the second quarter of 2013 compared to non-GAAP net income for the second quarter of 2012 of $159 million, or $0.20 diluted EPS.
“For the second quarter of 2013, reported U.S. GAAP net income, which included net unrealized losses on fuel derivatives of $31 million, was $41 million, or $0.05 diluted EPS. For the second quarter of 2012, reported U.S. GAAP net income, which included unrealized losses on fuel derivatives of $145 million, was $14 million, or $0.02 diluted EPS. Revenues for the second quarter of 2013 were $3.5 billion, in line with the prior year.
Carnival Corporation & plc Chairman and CEO Micky Arison noted that second quarter earnings were slightly better than May guidance due primarily to the timing of selling and administrative expenses.
Key metrics for the second quarter 2013 compared to the prior year were as follows:
On a constant dollar basis, net revenue yields (net revenue per available lower berth day
or “ALBD”) decreased 1.9 percent for 2Q 2013. Gross revenue yields decreased 3.1
percent in current dollars.
Net cruise costs excluding fuel per ALBD increased 8.8 percent in constant dollars,
primarily due to the timing of dry-dock expenses, vessel repair costs and non-recurring
items which benefitted the prior year. Gross cruise costs including fuel per ALBD in
current dollars decreased 0.1 percent.
Fuel prices decreased 9.7 percent to $683 per metric ton for 2Q 2013 from $756 per
metric ton in 2Q 2012.
Fuel consumption per ALBD decreased 5.7 percent in 2Q 2013 compared to the prior
year.
