NEW YORK (TheStreet) -- Shares of Carnival Corp. (CCL) are higher by 1.14% to $40.80 at the start of trading on Tuesday morning, after the company reported an increase in 2014 third quarter non-GAAP net income to $1.2 billion, or $1.58 per diluted share, compared to $1.1 billion, or $1.38 per diluted share for the year ago third quarter.
On a GAAP basis the cruise company reported a net income of $1.2 billion, or $1.60 per diluted share, compared to $934 million, or $1.20 per diluted share for the 2013 third quarter.
Analysts polled by FactSet expected Carnival to post earnings of $1.45 per share.
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Carnival said revenue for the most recent quarter increased to $4.9 billion, matching analysts' estimates, from $4.7 billion for the same period last year.
Looking ahead, the company expects its full year 2014 EPS share to be in the range of $1.84 to $1.88 per share, compared to the consensus estimate of $1.75.
Separately, TheStreet Ratings team rates CARNIVAL CORP/PLC (USA) as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CARNIVAL CORP/PLC (USA) (CCL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, increase in net income and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."