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Carnival Corporation EPS cut in half

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Staff writer ▼ | June 26, 2013
Carnival Corporation announced non-GAAP net income of $72 million, or $0.09 diluted EPS for the second quarter of 2013, compared $159 million, or EPS $0.20, in Q2 last year.
Carnival Corporation
Carnival CorporationCarnival Corporation announced non-GAAP net income of $72 million, or $0.09 diluted EPS for the second quarter of 2013, compared $159 million, or EPS $0.20, in Q2 last year.


For the second quarter of 2013, reported U.S. GAAP net income, which included net unrealized losses on fuel derivatives of $31 million, was $41 million, or $0.05 diluted EPS. For the second quarter of 2012, reported U.S. GAAP net income, which included unrealized losses on fuel derivatives of $145 million, was $14 million, or $0.02 diluted EPS. Revenues for the second quarter of 2013 were $3.5 billion, in line with the prior year.

Carnival Corporation chairman and CEO Micky Arison noted that second quarter earnings were slightly better than May guidance due primarily to the timing of selling and administrative expenses.

On a constant dollar basis, company's net revenue yields (net revenue per available lower berth day or ALBD) decreased 1.9 percent for 2Q 2013. Gross revenue yields decreased 3.1 percent in current dollars.

Net cruise costs excluding fuel per ALBD increased 8.8 percent in constant dollars, primarily due to the timing of dry-dock expenses, vessel repair costs and non-recurring items which benefitted the prior year. Gross cruise costs including fuel per ALBD in current dollars decreased 0.1 percent.

Fuel prices decreased 9.7 percent to $683 per metric ton for 2Q 2013 from $756 per metric ton in 2Q 2012. Fuel consumption per ALBD decreased 5.7 percent in 2Q 2013 compared to the prior year.

During the second quarter, the company took delivery of Princess Cruises' 3,560-passenger Royal Princess, the first of a new class of ships for Princess. Additionally, Carnival Sunshine entered service in May following a $155 million modernization that added all the features and facilities of Carnival Cruise Lines' Fun Ship 2.0 product enhancement program. Also, earlier this month Carnival Cruise Lines completed $115 million in upgrades and repairs to Carnival Triumph. The ship successfully reentered service in Galveston, Texas last week.

At this time, cumulative advance bookings for the remainder of 2013 are behind the prior year at prices below the prior year levels. Since the end of March, fleetwide booking volumes for the next three quarters, excluding Carnival Cruise Lines, are running higher than the prior year at higher prices.

Booking volumes for Carnival Cruise Lines during the same period are running behind the prior year at lower prices.


 

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