The company reported net income of $423 million, or 62 cents a share on an adjusted basis, on revenue that increased to $4.78 billion from $4.46 billion a year ago. Analysts were expecting the company to report earnings of 50 cents a share on revenue of $4.58 billion.
“We overcame a high number of unusual events compounded by a significant downturn in leisure travel demand for our large source markets in Continental Europe. In that environment, to achieve record revenues and adjusted earnings is an accomplishment for any consumer company,” said CEO Arnold Donald.
For fiscal 2020, the company said that cumulative advanced bookings for the year were slightly ahead of the pace from the prior year, though prices this year were slightly lower than they were a year ago.
The company expects full-year net cruise revenue to increase about 5% while the impact of changes in fuel mix, fuel prices and currency exchange rates is expected to increase earnings by between 17 cents and 24 cents a share.
For the fiscal first quarter, net cruise revenue is expected to rise 4% while net cruise costs, excluding fuel per available lower berth day (ALBD) were expected to be down between 2% and 3% thanks mainly to fewer dry-dock days during the quarter.
Carnival shares were up 9.4% to $51.03 Friday, bringing the stock into the green year to date after starting the day 5% in the red.