Carnival Corp (CCL) Com Stk (CDI)
HL comment (22 September 2015)
Carnival Corporation, owner of ten cruise ship brands, announced its strongest quarterly Non-GAAP or adjusted performance on record. Net income of $1.4 billion or $1.75 diluted EPS (Earnings Per Share) for the period were reported, compared to adjusted net income of $1.2 billion or EPS of $1.58 for Q3 2014. Group net revenue yields improved by 5% on a constant currency basis compared to the prior year, benefiting from strong demand which led to higher occupancy levels, increased ticket prices and increased onboard spending.
The Chief Executive noted that "Clearly our ongoing investments in the guest experience, combined with our global marketing and public relations efforts along with our initiatives to leverage our scale are having a positive impact."
- Cumulative advance bookings for the first half of 2016 are well ahead of last year at lower constant dollar prices.
- Full year 2015 non-GAAP earnings per share (diluted) are expected to be in the range of $2.56 to $2.60, better than both the June guidance range of $2.35 to $2.50 and $1.93 per share for 2014.
- Fourth quarter 2015 non-GAAP earnings per share (diluted) are expected to be in the range of $0.36 to $0.40, compared to $0.27 for Q4 2014.
"Looking forward to 2016, we have driven a significant lengthening of the booking curve and have less inventory remaining for the first half of 2016 than at this time last year, which bodes well for continued year-over-year revenue yield improvement. Although we already have a solid base of business for next year, we are working hard to maintain the momentum through our ongoing initiatives to create additional demand."
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