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"I'm staying focused on Carnival because I was too bearish," TheStreet's Jim Cramer said in the video above. 

NEW YORK (TheStreet) -- Carnival Corp. (CCL) stock is advancing by 3.53% to $51.39 in midday trading on Wednesday, after the cruise line operator delivered financial results that exceeded expectations for the fiscal 2016 first quarter.

"I was not worried about this quarter. I'm worried about the future, but Carnival acquitted itself well," TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUScharitable trust portfolio, said (See the video above). "It looks like unless people are more scared of the Zika virus as I thought they would be, the numbers are going to be pretty good."

Before today's market open, the Miami-based company reported earnings of 39 cents per share on revenue of $3.65 billion for the three months ended February 29.

Analysts had estimated earnings of 32 cents per share on revenue of $3.63 billion for the latest quarter.

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"Our teams delivered another strong quarter of operational improvement by creating increased demand for our brands and leveraging our scale which resulted in revenue yield improvement approaching 6% and the near doubling of first quarter adjusted earnings," CEO Arnold Donald said in a statement.

Net revenue yields, or net revenue per available lower berth day, was up 5.7% on a constant currency basis, exceeding the company's guidance of a 3.5% to 4.5% increase.

Additionally, Carnival raised its 2016 full year earnings guidance to $3.20 to $3.40 per share, compared with its previous outlook of $3.10 to $3.40 per share. Wall Street is anticipating earnings of $3.37 per share for the full year.

Separately, Carnival has a "buy" rating and a letter grade of B+ at TheStreet Ratings because of the company's impressive record of earnings per share growth, compelling growth in net income, reasonable valuation levels, good cash flow from operations and expanding profit margins.

You can view the full analysis from the report here: CCL

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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