When Carnival Corp. (NYSE: CCL) reported its most recent quarterly results after the markets closed on Thursday, the cruise line operator said that it had $0.62 in earnings per share (EPS) and $4.8 billion in revenue. Consensus estimates that called for $0.50 in EPS and revenue of $4.57 billion, and the fiscal fourth quarter of last year reportedly had EPS of $0.70 on $4.46 billion in revenue.
Gross revenue yields (revenue per available lower berth day, or ALBD) increased 4.0%. In constant currency, net revenue yields decreased by 1.8%, better than September guidance of down 2% to 3%.
At the same time, gross cruise costs including fuel per ALBD increased by 6.9%. In constant currency, net cruise costs excluding fuel per ALBD increased 2.6%, better than September guidance of up 4% to 5%, due to cost improvements realized during the quarter and timing of expenses between quarters.
Looking ahead to the fiscal first quarter, the company expects to see EPS in the range of $0.47 to $0.51 and net cruise revenues to increase roughly 4%. Consensus estimates are calling for $0.40 in EPS and $4.9 billion in revenue for the quarter.
Arnold Donald, president and CEO, commented:
Exceeding our fourth quarter guidance enabled us to have strong full year earnings per share and another year of record adjusted earnings. We overcame a high number of unusual events compounded by a significant downturn in leisure travel demand for our large source markets in Continental Europe. In that environment, to achieve record revenues and adjusted earnings is an accomplishment for any consumer company, a credit to our 150,000 team members and demonstrates the robustness of our business model.
Shares of Carnival traded up over 5% Friday morning to $49.29, in a 52-week range of $39.92 to $59.24. The consensus price target is $47.53.
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