TransportCruises

Carnival Corp. Beats Analysts Expectations in Q4

Skift Take

Carnival Corp. has succeeded in generating incremental demand from consumers so it is entering 2017 with the ability to offer higher cruise fares.

— Dennis Schaal

Carnival Corp. (CCL) on Tuesday reported fiscal fourth-quarter profit of $609 million.

The Miami-based company said it had net income of 83 cents per share. Earnings, adjusted for non-recurring gains, came to 67 cents per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

The cruise operator posted revenue of $3.94 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $3.92 billion.

For the year, the company reported profit of $2.78 billion, or $3.72 per share. Revenue was reported as $16.39 billion.

For the current quarter ending in March, Carnival expects its per-share earnings to range from 31 cents to 35 cents.

The company expects full-year earnings in the range of $3.30 to $3.60 per share.

Carnival shares have dropped roughly 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 11 percent. The stock has increased roughly 2 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CCL at https://www.zacks.com/ap/CCL

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Keywords: Carnival, Earnings Report

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

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