Carnival Corporation & plc, the world’s largest cruise shipping group, has reported for the second quarter of 2014 U.S. GAAP net income, which included a net gain on vessel transactions of $15 million and net unrealized gains on fuel derivatives of $11 million, was $106 million, or $0.14 diluted EPS.
For the second quarter of 2013, U.S. GAAP net income, which included a gain on a ship sale of $15 million and unrealized losses on fuel derivatives of $31 million, was $41 million, or $0.05 diluted EPS. Revenues for the second quarter of 2014 were $3.6 billion, compared with $3.5 billion the prior year.
Carnival Corporation & plc President and CEO Arnold Donald noted that second quarter earnings were significantly better than anticipated in the company’s March guidance due to better than expected net revenue yields for most of the company’s cruise brands, as well as lower than expected net cruise costs.
Donald noted in a statement: “We benefited from effective marketing initiatives, which combined with a gradually improving economic environment, led to revenue yield improvement for our continental European brands in the quarter compared to the prior year and is expected to continue through the remainder of the year. In addition, we achieved a six percent improvement in fuel consumption.”
