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Carnival net income up

By BFN News | 02:22 PM | Tuesday 28 June, 2016

Cruise shipping giant Carnival Corporation & plc reports adjusted net income of $370 million, or $0.49 diluted earnings per share for the second quarter - up from $193 million, or $0.25 diluted EPS, last time. US GAAP net income, which included unrealised gains on fuel derivatives of $242 million and $7 million of other expenses, was $605 million, or $0.80 diluted EPS. For the second quarter of 2015, US GAAP net income was $222 million, or $0.29 diluted EPS. Revenues for the second quarter of 2016 were $3.7 billion compared to $3.6 billion for the prior year. Carnival Corporation & plc president and chief executive Arnold Donald said: "Our strong second quarter demonstrates continued momentum as we again achieved a near doubling of adjusted earnings per share. Our ongoing effort to drive demand for our brands in excess of our measured capacity growth has led to increased revenues and helped maintain the mid-point of our full year earnings guidance despite the recent currency movements and rises in fuel prices that combined represent a negative $0.17 per share." Donald also noted several major milestones that will contribute to the future of the company including the re-mastering of Queen Mary 2, the opening of Holland America's Denali square complex in Alaska and the introduction of AIDA Cruises' AIDAprima, Holland America Line's Koningsdam, and Carnival Cruise Line's Carnival Vista. In addition, building on a legacy of pioneering achievements, Carnival Corporation became the first cruise company to begin operating voyages from the US to Cuba in more than four decades through its Fathom brand - a historic moment that captured worldwide media coverage. Key metrics for the second quarter 2016 compared to the prior year were: - On a constant currency basis, net revenue yields (net revenue per available lower berth day or 'ALBD') increased 3.6% for the 2Q 2016, which was better than the company's guidance of up 1.5 to 2.5%. Gross revenue yields increased 1.3%. - Net cruise costs excluding fuel per ALBD decreased 1.9% in constant currency, compared to March guidance, up 0.5 to 1.5% due to the timing of expenses between quarters. Gross cruise costs including fuel per ALBD in current dollars decreased 5.4 %. - Changes in fuel prices (including fuel derivatives) and currency exchange rates contributed $0.04 per share to second quarter earnings. Looking ahead, the group said cumulative advance bookings for the remainder of the year are well ahead of the prior year at slightly higher prices. Since March, bookings for the remainder of the year are at higher prices with volumes running lower than last year because there is less inventory remaining for sale than at this time in 2015. At 2:22pm: (LON:CCL) Carnival PLC share price was +48p at 3312p Story provided by

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