News Column

Carnival Corporation & plc Reports Second Quarter Earnings

July 8, 2014

By a News Reporter-Staff News Editor at China Weekly News -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced non-GAAP net income of $80 million, or $0.10 diluted EPS for the second quarter of 2014 compared to non-GAAP net income for the second quarter of 2013 of $57 million, or $0.07 diluted EPS. For the second quarter of 2014, U.S. GAAP net income, which included a net gain on vessel transactions of $15 million and net unrealized gains on fuel derivatives of $11 million, was $106 million, or $0.14 diluted EPS. For the second quarter of 2013, U.S. GAAP net income, which included a gain on a ship sale of $15 million and unrealized losses on fuel derivatives of $31 million, was $41 million, or $0.05 diluted EPS. Revenues for the second quarter of 2014 were $3.6 billion, compared with $3.5 billion the prior year.

Carnival Corporation & plc President and CEO Arnold Donald noted that second quarter earnings were significantly better than anticipated in the company's March guidance due to better than expected net revenue yields for most of the company's cruise brands, as well as lower than expected net cruise costs.

Donald noted, "We benefited from effective marketing initiatives, which combined with a gradually improving economic environment, led to revenue yield improvement for our continental European brands in the quarter compared to the prior year and is expected to continue through the remainder of the year. In addition, we achieved a six percent improvement in fuel consumption."

Donald also noted that during the second quarter Princess Cruises' new Regal Princess debuted in Europe, boasting a wide variety of stunning features including The SeaWalk, a glass-bottomed walkway extending beyond the edge of the vessel, 128 feet above the sea. Additionally, Princess launched its first homeport cruise program from China in May with the start of a four-month series of voyages from Shanghai on Sapphire Princess. Also in May, Costa Cruises announced that it will position Costa Serena in China next year, bringing the company's total to four ships based in the world's fastest growing cruise market. The company believes it is the largest provider of cruise vacations home-ported in China.

Keywords for this news article include: Asia, China, Carnival Corporation & plc.

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Source: China Weekly News

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