Carnival moved to a profit in its first quarter as the cruise operator benefited from declining fuel costs. Its adjusted profit handily topped analysts’ expectations.
Shares rose 6 percent in Friday morning trading.
The Miami company earned $49 million, or 6 cents per share, for the three months ended Feb. 28. That compares with a loss of $20 million, or 3 per share, a year earlier.
Stripping out certain items, earnings were 20 cents per share. This easily topped the 9 cents per share analysts surveyed by FactSet were looking for.
Carnival’s stock added $2.67 to $47.09 in morning trading.
Fuel costs dropped to $318 million from $523 million.
Revenue dipped to $3.53 billion from $3.59 billion, falling short of the $3.56 billion that Wall Street expected.
For 2015, Carnival Corp. now anticipates an adjusted profit in a range of $2.30 to $2.50 per share. Its prior outlook was for an adjusted profit of $2.30 to $2.60 per share. The company foresees a second-quarter adjusted profit between 11 cents and 15 cents per share.
Analysts expect full-year earnings of $2.51 per share and second-quarter earnings of26 cents per share.
Carnival said Thursday that it is entering into strategic partnerships with Italian shipbuilder Fincantieri S.p.A and German shipbuilder Meyer Werft that will add nine new cruise ships to its fleet between 2019 and 2022.