Carnival Earnings: Here’s Why the Stock is Falling Now
Carnival Corporation (NYSE:CCL) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 7.46%.
Carnival Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 9.8% to $1.38 in the quarter versus EPS of $1.53 in the year-earlier quarter.
Revenue: Rose 27.72% to $4.73 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Carnival Corporation reported adjusted EPS income of $1.38 per share. By that measure, the company beat the mean analyst estimate of $1.30. It beat the average revenue estimate of $4.65 billion.
Quoting Management: Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted that during the third quarter, the company made significant progress on a number of strategic initiatives to broaden its customer base, spur additional demand and mitigate environmental impacts and higher fuel costs. “Asia is a key focus of our international expansion. During the third quarter, we opened five additional sales offices in China, following the establishment of a corporate office in Singapore earlier this year,” said Donald. He added that Princess Cruises recently announced plans to homeport Sapphire Princess in China for a four-month season beginning in May 2014, bringing the total to five vessels in the region next year dedicated to guests sourced from Asia.
Key Stats (on next page)…