Carnival Corp. (CCL) Tops Q1 EPS by 9c, Offers Guidance

Carnival Corp. (NYSE: CCL) reported Q1 EPS of $0.52, $0.09 better than the analyst estimate of $0.43. Revenue for the quarter came in at $4.2 billion versus the consensus estimate of $4.11 billion.

GUIDANCE:

Carnival Corp. sees FY2018 EPS of $4.20-$4.40, versus the consensus of $4.31.

Carnival Corp. sees Q2 2018 EPS of $0.56-$0.60, versus the consensus of $0.53.

2018 Outlook

At this time, cumulative advanced bookings for the remainder of 2018 are in line with the prior year at higher prices. Since January, booking volumes for all future periods have been running ahead of prior year at higher prices.

Donald added, "The booking strength achieved during this year's wave season, outpacing even last year's record levels, demonstrates sustained strong demand for our world's leading cruise brands and delivers further confidence in our raised earnings guidance. We remain on track to achieve double-digit return on invested capital while continuing to return cash to shareholders through ongoing share repurchases and dividend growth." The company invested more than $250 million in share repurchases since the beginning of the quarter, bringing the cumulative total of repurchases to date to over $3.4 billion since late 2015.

Based on current booking trends, the company expects full year 2018 net revenue yields in constant currency to be up approximately 2.5 percent compared to the prior year, in line with December guidance. The company expects full year net cruise costs excluding fuel per ALBD in constant currency compared to the prior year to be up approximately 1.0 percent, also in line with December guidance. Changes in fuel prices (including realized fuel derivatives) and currency exchange rates are expected to increase earnings by 0.10 per share compared to December guidance.

Taking the above factors into consideration, the company expects full year 2018 adjusted earnings per share to be in the range of $4.20 to $4.40 compared to December guidance of $4.00 to $4.30 and 2017 adjusted earnings per share of $3.82.

Second Quarter 2018 Outlook

Second quarter constant currency net revenue yields are expected to be up approximately 2.5 to 3.5 percent compared to the prior year. Net cruise costs excluding fuel per ALBD in constant currency for the second quarter of 2018 are expected to increase by approximately 4.0 to 5.0 percent compared to the prior year. Based on the above factors, the company expects adjusted earnings per share for the second quarter 2018 to be in the range of $0.56 to $0.60 versus 2017 adjusted earnings per share of $0.52.

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

You May Also Be Interested In

• Lockheed Martin (LMT) Tops Q1 EPS by 53c, Beats on Revenue; Offers FY24 Guidance
• Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
• SunPower (SPWR) determined prior financial statements should no longer be relied upon