Carnival Corporation – the largest cruise operator in the world – has lowered its expectations for 2011 earnings as natural disasters and rising fuel costs take a toll. Carnival now the impact from conflicts in the Middle East and North Africa region, as well as the earthquake and nuclear disaster in Japan will cost the company an additional $0.15 per share for the second half of 2011.
Carnival Corporation has taken delivery of its 100th ship - the Carnival Magic - in a ceremony at the Fincantieri shipyard in Monfalcone, Italy, where the vessel was built. Following the traditional maritime handover ceremony, Carnival Magic will debut on May 1st with a nine-day Mediterranean cruise from Venice to Barcelona.
Rising fuel prices have seen profits at Carnival Corporation fall by 13 per cent year-on-year, prompting a dip in share prices. For the quarter ended February 28th, Carnival reported net income of $152 million, or 19 cents per share, down from $175 million, or 22 cents per share, a year ago.
Port Everglades has secured approval for renovations to four of its cruise terminals in an agreement with Carnival Corporation. Following the developments – which will be completed at a cost of some $35 million – the property will provide a home to seven Carnival-brand cruise lines, with a fleet of 30 different cruise ships.
San Diego has opened a new cruise ship terminal as leisure cruising in the United States continues to go from strength-to-strength. Also in the cruise sector, Carnival Corporation has posted record breaking earnings, making it the world’s most profitable leisure travel company for 2010.
Profits at Carnival Corporation increased significantly over the fourth quarter, with a positive outlook for 2011 pushing shares higher this morning. For the three month period ending November 30th, the Miami-based cruise line reported a profit of $248 million, or 31 cents a share.
With less than seven months until her maiden voyage, the new Carnival Magic cruise ship has reached another construction milestone after being “floated out” in Italy. Carnival Magic is slated to debut with a nine-day cruise from Venice to Barcelona in May next year, before heading to a new base in Texas.
Rising fuel costs have seen profits at Carnival Corporation slip over the second quarter – despite rising revenue. The cruise giant – which owns the Carnival, Holland America and Princess lines – recorded profits of $252 million in the three months to May 31st, compared to a figure of $264 million a year earlier.
Carnival Corporation has boosted hopes of a resurgence in the global cruise industry, posting profits ahead of market expectations for the first quarter. The cruise group now expects to increase prices further, as booking rebound for 2010.
America’s Carnival Corporation has signed a memorandum of agreement with Italian shipbuilder Fincantieri for the construction of two new cruise ships. The 3,600-passenger vessels are earmarked for the organisation’s Princess Cruises brand, with an expected launch date of spring 2013 and spring 2014.
Carnival Corporation & plc announced today that its Board of Directors voted to resume its quarterly dividend, which was suspended effective March 2009.