Carnival Corp Sees Strong Start to the Year

Image Courtesy: Carnival Cruise Line

Miami-based Carnival Corporation & plc ended the first quarter of 2018 with a GAAP net income of USD 391 million, up from GAAP net income of USD 352 million reported in the same quarter of 2017.

Revenues for the first quarter of 2018 of USD 4.2 billion were higher than the USD 3.8 billion in the prior year.

“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,” Arnold Donald, Carnival Corporation & plc President and Chief Executive Officer, said.

“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.”

Gross revenue yields increased 9.2 percent. In constant currency, net revenue yields increased 3.9 percent for the first quarter of 2018, better than December guidance of up 1.5 to 2.5 percent.

Highlights from the first quarter include the signing of agreements with German shipbuilder Meyer Werft GmbH to build two new cruise ships that will be powered by liquefied natural gas (LNG). The first is designated for P&O Cruises (UK) to be delivered in 2022, with the second for AIDA Cruises in 2023.

For the second quarter of 2018, the company expects constant currency net revenue yields to be up around 2.5 to 3.5 percent compared to the prior year. Adjusted earnings per share for the second quarter 2018 should be in the range of USD 0.56 to USD 0.60 versus 2017 adjusted earnings per share of USD 0.52.

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