23rd Sep 2014 13:32
PANAMA (Alliance News) - Cruise operator Carnival Corp. & PLC. (CCL, CUK, CCL.L) reported that its net income for the third quarter of 2014 rose to USD1.25 billion or USD1.60 per share from USD934 million or USD1.20 per share in the third quarter of 2013.
The latest-quarter results included net unrealized gains on fuel derivatives of USD15 million. While, the prior year results included impairments net of unrealized gains on fuel derivatives of USD139 million.
Quarterly non-GAAP net income increased to USD1.2 billion or USD1.58 per share, from USD1.1 billion or USD1.38 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of USD1.44 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the third quarter were USD4.95 billion, up from USD4.73 billion the prior year. Wall Street expected revenues of USD4.93 billion for the quarter.
The company expects non-GAAP earnings for the fourth quarter 2014 to be in the range of USD0.15 to USD0.19 per share versus 2013 non-GAAP earnings of USD0.04 per share.
Fourth quarter constant dollar net revenue yields are expected to be up 1.5 to 2.5% compared to the prior year. Net cruise costs excluding fuel per ALBD for the fourth quarter are expected to be lower by 1.0 to 2.0% on a constant dollar basis compared to the prior year.
Analysts expect the company to report earnings of USD0.21 per share and revenues of USD3.83 billion for the fourth-quarter.
Based on the strength of third quarter net revenue yields and current booking trends, the company has increased its expectations for full year 2014 net revenue yields on a constant dollar basis to be in line with the prior year, from its previous guidance of down slightly.
The company has increased its forecast for full year 2014 non-GAAP earnings per share to be in the range of USD1.84 to USD1.88, better than both June guidance of USD1.60 to USD1.75.
Wall Street currently is looking for fiscal year 2014 earnings of USD1.75 per share on annual revenues of USD15.98 billion.
For fiscal 2015, net cruise costs excluding fuel per ALBD are expected to increase approximately three percent due primarily to a significantly higher level of dry-dock days scheduled next year to install new air emissions technology as well as other technology designed to improve fuel efficiency.
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