25th Mar 2014 13:56
PANAMA (Alliance News) - Cruise operator Carnival Corp. & PLC. (CCL, CUK, CCL.L) said that its GAAP net loss for the first quarter of 2014 was USD15 million or USD0.02 per share, compared to net income of USD37 million or USD0.05 per share in the first quarter of 2013. The recent quarter results included net unrealized losses on fuel derivatives of USD17 million.
Quarterly non-GAAP net income was USD2 million, or break even per share compared to non-GAAP net income of USD67 million, or USD0.08 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of USD0.08 per share for the first-quarter. Analysts' estimates typically exclude special items.
Revenues for the first quarter were USD3.585 billion compared to USD3.593 billion in the year ago quarter. Twelve analysts estimated revenues of USD3.56 billion for the quarter.
The company expects non-GAAP results for the second quarter 2014 to be in the range of loss USD0.02 per share to profit USD0.02 per share versus 2013 non-GAAP earnings of USD0.07 per share. Analysts project second-quarter earnings of USD0.07 per share.
Second quarter constant dollar net revenue yields are expected to decrease 3 to 4% compared to the prior year. Net cruise costs excluding fuel per ALBD for the second quarter are expected to be up 2.5 to 3.5% on a constant dollar basis compared to the prior year due primarily to higher selling and administrative costs.
The company now expects full year 2014 non-GAAP earnings per share to be in the range of USD1.50 to USD1.70. Analysts project annual earnings per share of USD1.73. The company said in December that it expected non-GAAP earnings per share to be in the range of USD1.40 to USD1.80 for full year 2014.
The company continues to expect full year 2014 net revenue yields, on a constant dollar basis, to be down slightly compared to the prior year (in line with the prior year on a current dollar basis).
The company also continues to expect net cruise costs excluding fuel per ALBD for full year 2014 to be slightly higher than the prior year on a constant dollar basis.
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