Before Friday’s opening bell, Carnival Corp (CCL ) reported a profit for the first quarter, which came in above analysts’ view.
CCL’s Earnings in Brief
- The company reported adjusted earnings of $159 million, or 20 cents per share, compared to a net loss of $3 million, or breakeven EPS, last year. Analysts expected to see EPS of 10 cents.
- Revenue came in at $3.5 billion, which came in above analysts’ view of $3.57 billion.
- Looking ahead, CCL expects to see FY2015 EPS between $2.30 and $2.50. Analysts are expecting EPS of $2.50.
Carnival’s President and CEO Arnold Donald commented: “The year is off to a strong start achieving significantly higher earnings than the prior year and our previous guidance. Our onboard revenue initiatives drove particularly strong improvement in the first quarter with onboard yields more than 8 percent higher than prior year (constant dollar).” Donald also noted that the Carnival Cruise Line brand continued to outperform, achieving significant revenue yield growth and remains on track for a strong year. Additionally, Costa’s Asia operations achieved double-digit revenue yield growth, affirming the pent-up demand in the region and building confidence in the long-term potential for growth.
Carnival paid its last 25 cent dividend on March 13. We expect the company to declare its next dividend in April.
Shares of CCL were up $2.34, or 5.49% during premarket trading Friday. The stock is up 4% YTD.
The Bottom Line
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