Market Overview

Carnival's Stock Is Still Cruising After Earnings Beat, Ship Collision

Carnival's Stock Is Still Cruising After Earnings Beat, Ship Collision

Carnival Corp (NYSE: CCL) shares are significantly higher on Friday after a strong fourth-quarter earnings beat and first-quarter earnings guidance.

Carnival reported quarterly earnings of 62 cents per share, which beat the analyst consensus estimate of 51 cents. The company reported quarterly sales of $4.8 billion, which beat the analyst consensus estimate of $4.59 billion. This is a 7.7% increase over sales of $4.456 billion the same period last year.

Just a few hours before the earnings print, news broke that two of the company’s ships collided in Port of Cozumel, Mexico. According to NBC News, at least six passengers were injured due to the accident between the Carnival Glory and the Carnival Legend.

"Carnival Glory was maneuvering to dock when it made contact with Carnival Legend which was already alongside," a spokesperson said. "We are assessing the damage but there are no issues that impact the seaworthiness of either ship."

Although the video of the collision is making the rounds on social media, it's too early to tell if investors will be fazed by the incident, as shares have remained steadily higher on Friday.

Carnival's traded higher by 7.5% to $50.27 per share at time of publication.

Related Links:

Carnival Gets Price Target Cut On Weak Continental Europe Demand

Barclays Upgrades Carnival, Says Cruise Lines Are Firm's 'Most Preferred Subsector'

Posted-In: Carnival Glory Carnival Legend CozumelEarnings News Guidance Travel General Best of Benzinga


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