According to latest reports Cruise operator Carnival Corp (NYSE:CCL) reported better than expected revenue and profit for the period ended Nov. 30 amid low fuel prices, which have improved results of late, and company foresees further surge in the coming year.
Meanwhile the Miami-based Carnival Corp (NYSE:CCL), which is both listed in the U.S. and the U.K., has helped in recent quarters from low fuel prices, higher prices and strong bookings. It also said higher fuel prices for the next year would raise its fuel expenditures by $200 million.
For the fiscal year ending next November, company expects adjusted earnings per share at $3.30 to $3.60. Analysts had expected $3.69. The company cited the “unusual and significant impact of fuel and currency working against us simultaneously.”
It expects the higher fuel costs to take 27 cents a share off its earnings and currency rates to shave off 16 cents a share.
For the current quarter, the company forecast per-share earnings of 31 to 35 cents. Analysts polled by Thomson Reuters expect per-share profit of 41 cents.
The firm, which functions Carnival Cruise Lines as well as the Princess, Cunard and Holland America lines, said bookings for the first three quarter of 2017 are running higher than the year-earlier period at higher prices.
For its fiscal fourth quarter, Carnival Corp (NYSE:CCL) posted a profit of $609 million, or 83 cents a share, up from $270 million, or 35 cents a share, a year earlier. Without fuel-hedging effects and other items, per-share earnings surged to 67 cents from 50 cents. However analyst were predicting earnings of 58 cents a share.