Fuel costs cut into cruise line profits
(Bloomberg): Carnival Corp. says its first-quarter net income fell 13 percent, pinched by higher-than-expected fuel prices. The cruise operator also cut its full-year earnings guidance to a range below Wall Street’s view on Tuesday. Its stock dropped 11 cents to $40.90 in Tuesday premarket trading. The Miami company earned $152 million, or 19 cents per share, for the period ended Feb. 28. That’s down from $175 million, or 22 cents per share, a year ago. Wall Street was already anticipating slimmer earnings and Carnival said lower than-expected costs helped offset fuel prices that rose 9 percent. Revenue rose 8 percent to $3.42 billion on higher ticket prices and passengers spending more on board its ships.
Category: Business
