Carnival 4Q profit slides on costs, but tops 4Q forecasts
NEW YORK (AP) — Carnival Corp. on Tuesday reported a dip in fiscal fourth-quarter profit on higher costs, but the results still topped Wall Street expectations.
Shares of the Miami-based cruise operator rose $1.80, or 2.7 percent, to $68.40 in morning trading.
Profit fell 10.3 percent to $546 million, or 76 cents per share. Earnings, adjusted for non-recurring gains and asset impairment gains, were 63 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
Revenue rose 8.2 percent to $4.26 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $4.15 billion. A boost in passengers pushed revenue higher.
For the year, the company reported profit of $2.61 billion, or $3.59 per share. Revenue was reported as $17.51 billion.
For the current quarter ending in March, Carnival expects its adjusted per-share earnings to range from 37 cents to 41 cents.
The company expects full-year adjusted earnings in the range of $4 to $4.30 per share.
Carnival shares have climbed 28 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 20 percent. The stock has increased 29 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CCL at https://www.zacks.com/ap/CCL