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The operator of Carnival and Princess cruise ship lines said booking volumes for the remainder of 2010 and the first half 2011 are running ahead of the prior year at prices in line with prior year levels.
Carnival CEO Micky Arison expects "revenue yields to continue to improve in 2011 and beyond as the economy regains its footing."
Carnival raised its earnings guidance for the year to a range of $2.48 a share and $2.52 a share, up from its prior guidance for earnings of $2.25 to $2.35. The revised outlook tops analysts' consensus call for 2010 earnings of $2.36 per share.
Carnival shares were 6.1% higher ahead of midday Tuesday. The
Vanguard Consumer Discretionary(VCR) and
iShares Dow Jones U.S. Consumer Services Sector Index Fund(IYC), exchange-traded funds that count Royal Caribbean and Carnival among their holdings, both traded up as well, gaining 0.5% and 0.6%, respectively.
-- Written by Miriam Marcus Reimer in New York.
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