Carnival Corporation Beats Q1 Expectations

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 62 cents per share. The cruise operator posted revenue of $4.43 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $4.35 billion.

(MIAMI, FL) Business News:  Cruise ship giant Carnival Corp. (CCL) on Monday reported a loss of $693 million in its fiscal first quarter. The Miami-based company said it had a loss of 55 cents per share. The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 62 cents per share.

The cruise operator posted revenue of $4.43 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $4.35 billion. Carnival shares have increased 15% since the beginning of the year, while the S&P’s 500 index has climbed slightly more than 3%. The stock has dropped 50% in the last 12 months.

Increased revenues from its onboard and passenger ticket are likely to have driven the fiscal first-quarter top line. The Zacks Consensus Estimate for passenger ticket revenues and onboard and other revenues is currently pegged at $2,823 million and $1,523 million compared with $873 million and $750 million, respectively, reported in the prior-year quarter.