Carnival Corporation expects Q2 EPS to be $0.49Staff writer ▼ | June 28, 2016
Carnival Corporation & plc announced adjusted net income of $370 million, or $0.49 diluted EPS for the second quarter of 2016.
Carnival Corporation Adjusted net income to be $370 million
For the second quarter of 2016, U.S. GAAP net income, which included unrealized gains on fuel derivatives of $242 million and $7 million of other expenses, was $605 million, or $0.80 diluted EPS. For the second quarter of 2015, U.S. GAAP net income was $222 million, or $0.29 diluted EPS.
Revenues for the second quarter of 2016 were $3.7 billion compared to $3.6 billion for the prior year.
On a constant currency basis, net revenue yields (net revenue per available lower berth day or "ALBD") increased 3.6 percent for the 2Q 2016, which was better than the company's guidance of up 1.5 to 2.5 percent. Gross revenue yields increased 1.3 percent.
Net cruise costs excluding fuel per ALBD decreased 1.9 percent in constant currency, compared to March guidance, up 0.5 to 1.5 percent due to the timing of expenses between quarters. Gross cruise costs including fuel per ALBD in current dollars decreased 5.4 percent.
Changes in fuel prices (including fuel derivatives) and currency exchange rates contributed $0.04 per share to second quarter earnings.
The company expects full year 2016 net revenue yields on a constant currency basis to be up approximately 3.5 percent versus the prior year, compared to March guidance of approximately 3 percent.
Carnival Corporation now expects full year 2016 net cruise costs excluding fuel per ALBD to be up approximately 1.5 percent compared to the prior year on a constant currency basis, better than March guidance of approximately 2.0 percent.
Changes in fuel prices including fuel derivatives and currency exchange rates are expected to reduce full year earnings by $0.17 per share compared to March guidance.
Taking the above factors into consideration, Carnival Corporation expects full year 2016 adjusted earnings per share guidance to be in the range of $3.25 to $3.35, compared to March guidance of $3.20 to $3.40 and 2015 adjusted earnings of $2.70 per share. ■