Carnival Shares Rise After Earnings Beat Estimates

By Tonya Garcia Markets MarketWatch Pulse

Carnival Corp. shares rose 1.5% in Tuesday trading after the cruise company reported first-quarter earnings that beat estimates. Net income was $352.0 million, or 48 cents per share, up from $142.0 million, or 18 cents per share, for the same period last year. Adjusted EPS was 38 cents, beating the 35-cent FactSet consensus. Revenue was $3.8 billion for the quarter, up from $3.7 billion last year and meeting the FactSet consensus. Passenger ticket sales totaled $2.8 billion, up from $2.7 billion last year and in line with the FactSet consensus. Onboard and other revenue was $978.0 million, up from $923.0 million and ahead of the $962.0 million FactSet consensus. The company expects second-quarter adjusted EPS of 43 cents to 47 cents, compared with the 46-cent FactSet consensus. The company also raised the full-year outlook to a range of $3.50 to $3.70 from December guidance of $3.30 to $3.60. The FactSet consensus is $3.61. Carnival shares are up 20.1% for the past year, while the S&P 500 index is up 15% for the last 12 months.

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