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Carnival Reports First Revenue Rise in Five Quarters

Industries Reuters

U.S. cruise operator Carnival Corp reported a better-than-expected quarterly profit, helped by higher prices and lower fuel costs.

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Shares of the company, which also reported its first rise in revenue in five quarters, were up 3.9 percent in early trading.

Carnival's revenue rose 3.4 percent to $3.65 billion, marginally beating average analysts' estimates of $3.63 billion, according to Thomson Reuters I/B/E/S.

This came in contrast to smaller rival Royal Caribbean Cruises Ltd which reported revenue below analyst estimates last month.

The operator of the Carnival Cruise Line also raised the lower end of its full year profit forecast to $3.20 to $3.40 per share from its previous range of $3.10 to $3.40 per share.

Net income nearly tripled to $142 million, or 18 cents per share, for the first quarter ended Feb. 29, from $49 million, or 6 cents per share, a year earlier.

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Excluding items, Carnival reported a profit of 39 cents per share, beating the average analyst estimate of 32 cents.

(Reporting by Abhijith G in Bengaluru; Editing by Don Sebastian and Shounak Dasgupta)