Carnival Corp. (CCL) Tops Q2 EPS by 8c; Boosts FY14 EPS Outlook

Carnival Corp. (NYSE: CCL) reported Q2 EPS of $0.10, $0.08 better than the analyst estimate of $0.02. Revenue for the quarter came in at $3.63 billion versus the consensus estimate of $3.61 billion.

Carnival Corporation & plc President and CEO Arnold Donald noted that second quarter earnings were significantly better than anticipated in the company's March guidance due to better than expected net revenue yields for most of the company's cruise brands, as well as lower than expected net cruise costs.

Donald noted, "We benefited from effective marketing initiatives, which combined with a gradually improving economic environment, led to revenue yield improvement for our continental European brands in the quarter compared to the prior year and is expected to continue through the remainder of the year. In addition, we achieved a six percent improvement in fuel consumption."

Donald also noted that during the second quarter Princess Cruises' new Regal Princess debuted in Europe, boasting a wide variety of stunning features including The SeaWalk, a glass-bottomed walkway extending beyond the edge of the vessel, 128 feet above the sea. Additionally, Princess launched its first homeport cruise program from China in May with the start of a four-month series of voyages from Shanghai on Sapphire Princess. Also in May, Costa Cruises announced that it will position Costa Serena in China next year, bringing the company's total to four ships based in the world's fastest growing cruise market. The company believes it is the largest provider of cruise vacations home-ported in China.

Carnival sees Q3 2014 EPS of $1.38 - $1.44, versus the consensus of $1.52.

Carnival Corp. sees FY2014 EPS of $1.60 - $1.75, versus prior guidance of $1.5-$1.7 and the consensus of $1.75.

For earnings history and earnings-related data on Carnival Corp. (CCL) click here.

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