Carnival Corp. said Friday that its first-quarter net income rose to $49 million from $20 million the year before.

However, revenue declined to $3.5 billion from $3.6 billion.

“The year is off to a strong start, achieving significantly higher earnings than the prior year and our previous guidance,” said CEO Arnold Donald in a statement. "Our onboard revenue initiatives drove particularly strong improvement in the first quarter with onboard yields more than 8% higher than prior year.” 

While fuel consumption and fuel prices both declined, changes in currency exchange rates reduced earnings by about 6 cents a share, which is equivalent to the entire profit in the quarter.

Carnival said that since December, unfavorable currency exchange rates have reduced full year 2015 earnings expectations by $219 million, or 28 cents per share. It said this impact has been significantly offset by the improvement in operating performance, resulting in just a nickel reduction in its earnings forecast since the December update.

Carnival said it expects to earn $2.30 to $2.50 per share in 2015 on a non-GAAP accounting basis, compared up from $1.93 per share last year.

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