Carnival Corp. said its third quarter adjusted net income
will, at best, be no better than last year, triggering a sell-off in Carnival
The Miami-based cruise giant estimated adjusted third
quarter earnings per share to range from $2.25 to 2.29, compared to $2.29 in
the year ago third quarter.
The quarter includes June, July and August and is the most
significant of the year for cruise companies because it includes the summer
The company expects full year 2018 adjusted earnings per
share to be in the range of $4.15 to $4.25 compared to 2017 adjusted earnings
per share of $3.82.
Adjusted earnings factor out the impact of unrealized gains
and losses from fuel derivative contracts, among other items.
Carnival shares were trading at $57.66 shortly after 10 a.m.,
down $5.98 or 9.4% from Friday's close.