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Earnings Analysis: 
Carnival Lowers Guidance, Rising Fuel Costs
Author: 123jump.com Staff
123jump.com
Last Update: 6:06 PM EDT March 21 2008

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Carnival Corp, the largest cruise liner reported first quarter 2008 revenue increase of 17% to $3.15 billion and net income decline of 17% to $236 million. Earnings per share declined to 30 cents compared to 35 cents a year ago. Carnival lowered its earnings guidance to between 42 cents and 44 cents from 48 cents in the second quarter. Higher fuel costs are taking a big bite out of the rising berth yields on weak dollar.

 
Earnings guidance lowered

As a result, the company expects earnings for the second quarter of 2008 to be in the range of 42 to 44 cents per share, down from 48 cents in 2007. Carnival Corporation now forecasts full year earnings per share to be in the range of $3 to $3.20 compared to its previous guidance of $3.10 to $3.30.

The company anticipates in the second quarter fuel prices of $528 per metric ton and $525 during the year 2008. The company estimates its fuel need of 823,000 tons in the second quarter and 3.26 million tons for the year.

Carnival Corporation (CCL: chart) shares rose $3.29 or 8.8% to close at $40.89. Carnival stock reached $51.33 on October 9, 2007 and since then has fallen nearly 30% from its peak on March 17.

Carnival operates 84 ships totaling more than 157,000 lower berths with 22 new ships scheduled to enter service between April 2008 and June 2012.

Carnival Corp stock is the only stock that is included both in the S&P 500 and FTSE 100 indexes.
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