Carnival Corp.’s Q2 profit more than doubles

By Tom Stieghorst
Carnival Corp. reported that second-quarter net income rose 158%, to $106 million from $41 million a year earlier.

Revenue rose to $3.6 billion from $3.5 billion.

CEO Arnold Donald said that results were significantly better than the company’s guidance to Wall Street because of higher-than-expected revenue yields and lower-than-expected cruise costs.

ArnoldDonald“We benefited from effective marketing initiatives, which combined with a gradually improving economic environment, led to revenue yield improvement for our continental European brands in the quarter compared to the prior year and is expected to continue through the remainder of the year. In addition, we achieved a 6% improvement in fuel consumption,” Donald said.

Carnival raised its estimate of 2014 earnings, on a non-GAAP basis, to a range of $1.24 billion to $1.36 billion. Its previous forecast was $1.23 billion.

It still expects net revenue yields to be flat to slightly down for 2014 and down for the third quarter, because of increased industry capacity in the Caribbean.

Carnival said it expects earnings of $1.07 billion to $1.18 billion in the third quarter, compared to $1.07 billion a year earlier.
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