24th Sep 2013 13:38
PANAMA (Alliance News) - Cruise operator Carnival Corp. & plc. (CCL, CUK, CCL.L) reported that its third-quarter net income declined to $934 million or $1.20 per share, from $1.33 billion or $1.71 per share in the same quarter last year.
The latest-quarter net income included $176 million of impairment charges related to two smaller Costa ships which are intended to be laid up or sold, and $27 million of impairment charges related to Ibero trademarks and other items.
Non-GAAP net income for the quarter decreased to $1.07 billion or $1.38 from last year's $1.19 billion or $1.53. Analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.
But, revenues for the quarter rose to $4.73 billion from $4.68 billion in the prior year quarter. Thirteen analysts had consensus revenue estimate of $4.65 billion for the quarter.
On a constant dollar basis, net revenue yields (net revenue per available lower berth day or ALBD) decreased 3.8 percent for the third-quarter of 2013.
For the fourth quarter 2013, the company expects non-GAAP result to be in the range of loss $0.03 per share to profit $0.03 per share versus 2012 non-GAAP earnings of $0.14 per share. Analysts expect the company to report earnings of $0.09 per share for the fourth-quarter.
Fourth quarter constant dollar net revenue yields are expected to be down 3 to 4 percent compared to the prior year. Net cruise costs excluding fuel and impairments per ALBD for the fourth quarter are expected to be higher by 3.5 to 4.5 percent on a constant dollar basis compared to the prior year, which is primarily due to increased advertising expenses and costs associated with the previously announced vessel enhancement initiatives.
The company now forecasts full year 2013 non-GAAP earnings per share to be in the range of $1.51 to $1.57, the mid-point of which is in line with prior guidance of $1.45 to $1.65 per share. Analysts expect the company to report earnings of $1.55 per share for fiscal 2013.
The company expects full year 2013 net revenue yields, on a constant dollar basis to be down approximately 3 percent compared to the prior year, toward the lower end of June guidance range due in part to ongoing geopolitical events in portions of the Eastern Mediterranean region. Excluding fuel and impairments, the company expects full year net cruise costs per ALBD to be higher by 4 percent compared to the prior year on a constant dollar basis, which is at the better end of June guidance range.
In addition, higher fuel prices are expected to reduce full year 2013 earnings by $0.04 per share compared to June guidance.
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