Carnival Corporation reports increase in net income for first quarter

Carnival Corporation reports increase in net income for first quarter

Carnival Corporation has announced US GAAP net income of $352 million, or $0.48 diluted EPS, for the first quarter of 2017.

This is compared to US GAAP net income for the first quarter of 2016 of $142 million, or $0.18 diluted EPS.

First quarter 2017 adjusted net income of $279 million, or $0.38 adjusted EPS, compared to adjusted net income of $301 million, or $0.39 adjusted EPS, for the first quarter of 2016.

Adjusted net income excludes unrealised gains and losses on fuel derivatives and other net charges, totalling $73 million in gains for the first quarter 2017 and $159 million of losses for the first quarter 2016.

Revenues for the first quarter of 2017 of $3.8 billion were higher than the $3.7 billion in the prior year.

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Carnival Corporation president Arnold Donald noted: “We are off to a good start delivering another quarter of operational improvement on top of a very strong first quarter last year.

“Our performance was driven by increased demand, particularly for our core Caribbean itineraries, leading to higher year-over-year ticket prices which enabled us to overcome the significant negative impact of both fuel and currency to exceed the high end of our guidance range.”