Carnival group first quarter net profit rises to $391 million

Details

Written by Kari Reinikainen Kari Reinikainen

Category: Top Headlines Top Headlines

Published: 22 March 2018 22 March 2018

Carnival Corpotation & plc, the world’s largest cruise shipping company, has reported a rise in both net and operating income (EBIT) on strong start of the financial year.

Net profit climbed to $391 million in three months to 28 February from$352 million in the same period a year earlier, while EBIT rose to $419 million from $368 million. Revenues rose to $4.23 billion from $3.79 billion.

Carnival Corporation & plc President and Chief Executive Officer Arnold Donald said in a statement: "We are off to a strong start to the year achieving another quarter of record earnings on record revenues and exceeding the high end of guidance.”

“This strong operational execution affirms our efforts to create demand in excess of measured capacity growth and exceed guest expectations once onboard. Our guest experience efforts, coupled with our ongoing marketing and public relations programs are clearly accelerating cruise demand across the board to drive cruise ticket prices higher," he said.

Key information for the first quarter 2018 compared to the prior year:

Gross revenue yields (revenue per available lower berth day or "ALBD") increased 9.2%. In constant currency, net revenue yields increased 3.9% for 1Q 2018, better than December guidance of up 1.5% to 2.5%.

Gross cruise costs including fuel per ALBD increased 9.0%. In constant currency, net cruise costs excluding fuel per ALBD increased 1.0%, better than December guidance of up 2.0% to 3.0%, principally due to the timing of expenses between quarters.

Changes in fuel prices (including realized fuel derivatives) decreased earnings by $0.04 per share, offset by an increase in earnings due to changes in currency exchange rates of $0.04 per share.