Carnival Corp & plc says Costa Allegra incident cost $29 million; received $515 million for Costa Concordia

Details

Written by Kari Reinikainen Kari Reinikainen

Category: Top Headlines Top Headlines

Published: 09 March 2012 09 March 2012

Key details from first quarter interim report of Carnival Corp & plc concerning the three months to 29 Fenruary period. Costa Concordia has been declared total loss and the company ha sreceived $515 million insurance recoverable.

 * 1Q revenues increased by $163m to $3.6b from $3.4b in the prior year, due

    primarily to increased capacity and higher ticket prices

  * 1Q net revenue yields in constant dollars increased 2.9% (up 2.3% in

    current dollars) compared to the prior year, which was higher than the

    company's December guidance

  * Excluding fuel, constant dollar net cruise costs per available lower berth

    day ("ALBD") increased 6.4% and included a $34 million impairment charge

    related to Costa Allegra and $29 million of Costa Concordia incident

    expenses

  * Fuel prices increased 30% to $707 per metric ton for 1Q 2012 versus $543

    per metric ton in 1Q 2011

  * An insurance recoverable of $515 million for Costa Concordia was recorded,

    which offset the ship write off since the ship has been deemed to be a

    constructive total loss

  * 1Q Non-GAAP (diluted) earnings per share of $0.02, compared to $0.19 for

    the prior year

  * 1Q U.S. GAAP (diluted) loss per share of $0.18 included Ibero Cruises

    goodwill and trademark impairment charges of $173 million and net

    unrealized gains on fuel derivatives of $21 million