Carnival PLC/Carnival Corp. (LON:CCL) (NYSE:CCL) has reported stronger-than-expected first-quarter results and raised its full-year profit forecasts as the world’s largest cruise operator saw customers pay more for their tickets and spend more on board.
The dual-listed FTSE 100 constituent said its first-quarter net revenue rose 11.6% to US$4.23bn, above analysts’ estimate of US$4.11bn, helping earnings per share, excluding one-off items, to rise to 52 US cents per share, topping estimates of 43 US cents.
It saw net income attributable to shareholders increase to US$391mln, or 54 US cents per share for the quarter ended 28 February 2018, up from US$352mln, or 48 US cents per share a year earlier.
Carnival said its net revenue yield – which measures spending per available berth – climbed by 3.9% on a constant currency basis, well above the company’s estimate of 1.5% to 2.5%.
The group said it now expects adjusted earnings of US$4.20 to US$4.40 per share for 2018, compared previous estimates of US$4.00 to US$4.30.
In late afternoon London trading, Carnival shares were up 0.1% at 4,671p, while in early New York trade they were almost flat at US$67.07.