Carnival Corporation (CCL - Free Report) reported second-quarter fiscal 2019 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. However, shares of Carnival declined 7.7% on Jun 20. Furthermore, the company trimmed its guidance for fiscal 2019. In the coming quarters, quarterly results will be impacted by Trump administration's policy change on travel to Cuba and lower ticket prices.
A glance at the company’s price performance too shows that it has underperformed the industry in the past three months. The stock has lost 13.5% against the industry’s 0.2% growth.
Adjusted earnings in the quarter under review came in at 66 cents per share, which exceeded the Zacks Consensus Estimate of 61 cents but declined 2.9% year over year. Meanwhile, revenues of $4,838 million outpaced the consensus mark of $4,532 million and increased 11% year over year. This upside can be attributed strength in passenger tickets, and onboard and other as well as tour and other businesses.
On a constant-currency basis, net revenue yields rose 0.6% year over year. Notably, net on-board and other yields that increased 1.6% in constant currency led to the uptick.
Carnival generates revenues from the Passenger Tickets business, and the Onboard and Other as well as the Tour and Other segments. Revenues at the Passenger Tickets business segment increased 2% year over year to $3,257 million. Onboard and Other revenues totaled $1,122 million, up 34.6% year over year. Tour and Other revenues rose 69% year over year to $71 million.
Net cruise costs (in constant dollar) per available lower berth day (ALBD), excluding fuel, decreased 1.5%. Gross cruise costs (including fuel) per ALBD, in current dollars, were up 12.1%.
Carnival Corporation Price, Consensus and EPS Surprise