blew away second-quarter earnings estimates and said the rest of the year looks solid as the cruise giant continues to benefit from a recovery in leisure travel. Carnival said per-passenger profitability rose thanks to higher occupancy, more customer spending and the weak dollar.
The company, which was created last year by the merger of the Carnival and Princess lines, earned $332 million, or 41 cents a share, on revenue of $2.3 billion in the three months to May 31. The year-ago period showed earnings of $128 million, or 19 cents a share, on revenue of $1.3 billion, but the quarter's comparability is complicated by merger-related issues and expenses.
Analysts were looking for earnings of 35 cents a share on revenue of $2.2 billion in the most recent quarter. Carnival's stock was recently up $1.35, or 3.1%, to $44.91.
Carnival expects to earn $1.16 to $1.20 a share in the third quarter and $2.10 to $2.20 a share for the full year, compared with analyst estimates of $1.18 a share in the quarter and $2.13 a share in the year.