Carnival Corp. said its third quarter adjusted net income will, at best, be no better than last year, triggering a sell-off in Carnival shares.

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 vacation season.

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.

 

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