Carnival reports second quarter earnings

Carnival reports second quarter earnings

Carnival Corporation has reported net income of $206 million, or $0.26 diluted EPS, on revenues of $3.6 billion for its second quarter ended May 31st, 2011.

Net income for the second quarter of 2010 was $252 million, or $0.32 diluted EPS, on revenues of $3.3 billion.

Commenting on the second quarter, Carnival chairman Micky Arison said: “Our North America brands’ revenue yields increased three per cent in the second quarter while yields for our Europe, Australia and Asia brands were up slightly (constant dollars), having been affected by the geo-political events which unfolded in the Middle East and North Africa, as well as the earthquake and nuclear disaster in Japan. 

“The revenue yield improvement was more than offset by higher fuel prices which cost the company approximately $150 million, or $0.19 per share.”

Continuing with its strategic growth initiatives, the company took delivery of its 100th ship, Carnival Cruise Lines’ 3,690-passenger Carnival Magic, in late April.

Two additional ships, AIDA Cruises’ 2,194-passenger AIDAsol and Seabourn’s 450-passenger Seabourn Quest were also delivered during the 2011 second quarter.

Also, during the second quarter a contract was finalized with Fincantieri for the construction of a 3,611-passenger ship for P&O Cruises (UK) scheduled to be delivered in February 2015.

The order marks Carnival Corporation & plc’s first ship delivery for 2015, aligned with the company’s strategy to have two to three ships constructed per year.