Carnival Loses Passengers, Lowers Revenue Estimate and 2 Other Hot Stocks to Watch
Carnival Corp. (NYSE:CCL): Current price $34.92
Carnival is not only losing passengers this year even with reduced prices, but its fortunes are also tied to what is going on in the eastern Mediterranean. All this is causing the number-one cruise company in the world to lower its revenue estimates by 3 percent for 2013, which is below its previous forecast. The company posted a $934-million profit for June through August, but that was down by 30 percent year-over-year.
Earnings came to $1.20 per share, down from $1.71 for the same period. Revenue for the quarter increased by less than 1 percent to $4.7 billion, and expenses outstripped growth. Beyond that, Carnival took $176 million in charges connected with two ships in its Costa line that are being taken out of service.