Carnival Corp Reports Strongest Ever Quarterly Earnings
Miami-based cruise company Carnival Corporation & plc has reported a net income of USD 1.4 billion for the third quarter of 2016, compared to a net income of USD 1.2 billion seen in the same period of 2015.
Revenues for the third quarter of 2016 were USD 5.1 billion, USD 0.2 billion higher than the USD 4.9 billion in the prior year.
“We delivered the strongest quarterly earnings in our company’s history affirming our ongoing efforts to expand consumer demand in excess of measured capacity increases and leverage our industry leading scale,” Carnival Corporation & plc President and Chief Executive Officer Arnold Donald, said.
He added that the revenues during the peak summer season “were bolstered by strong performances from both our North American and European brands and across all major deployments including the Caribbean, Alaska and Europe.
The company’s cumulative advance bookings for the first half of next year are ahead of the prior year at considerably higher prices, Carnival Corporation said, adding that since June, booking volumes for the first half of next year are lower than the prior year, as there is less inventory remaining for sale, at significantly higher prices.
The company continues to expect full year 2016 net revenue yields to be up approximately 3.5 percent compared to the prior year, on a constant currency basis. The company continues to expect full year net cruise costs excluding fuel per ALBD to be up approximately 1.5 percent compared to the prior year, on a constant currency basis.
Taking the above factors into consideration, Carnival Corporation has increased its full year 2016 adjusted earnings per share guidance to be in the range of USD 3.33 to USD 3.37, compared to the June guidance range of USD 3.25 to USD 3.35 and 2015 adjusted earnings per share of USD 2.70.
“We are well on track to deliver nearly 25 percent earnings growth in 2016. With cash from operations expected to reach a record USD 5 billion this year, we continue to fund our growth and return cash to shareholders,” Donald said.
