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Carnival Trades Lower After Downward Guidance Revision

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Carnival Trades Lower After Downward Guidance Revision

Carnival Corporation (NYSE: CCL) reported third-quarter earnings of $2.63 per share on Thursday, beating the consensus estimate of $2.53 by 3.95%.

This is an 11.44% increase over earnings of $2.36 per share from the same period last year.

The company reported quarterly sales of $6.53 billion, which beat the analyst consensus estimate of $6.16 billion by 6.01%. This is a 11.89% increase over sales of $5.836 billion the same period last year.

"We achieved additional cost improvements largely driven by leveraging our scale, offsetting the earnings impact due to voyage disruptions from the combined impact of Hurricane Dorian, the tensions in the Arabian Gulf and the delayed delivery of Costa Smeralda,” CEO Arnold Donald said in a statement.

“A further reduction in guidance for ticket and onboard revenue worth 6 cents per share in part contributed to by the high level of close-in voyage disruptions was also offset. However, due to an 8-cent impact from the recent spike in fuel prices caused by geopolitical events, we are reducing our full year guidance for 2019 by 5 cents per share." 

Carnival shares were trading down 8.59% at $44.22 at the time of publication. The stock has a 52-week high of $67.69 and a 52-week low of $42.42.

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