Carnival Q3 Profit Rises; Lifts 2014 Outlook - Quick Facts

(RTTNews) - Cruise operator Carnival Corp. & Plc. (CCL, CUK, CCL.L) reported that its net income for the third quarter of 2014 rose to $1.25 billion or $1.60 per share from $934 million or $1.20 per share in the third quarter of 2013.

The latest-quarter results included net unrealized gains on fuel derivatives of $15 million. While, the prior year results included impairments net of unrealized gains on fuel derivatives of $139 million.

Quarterly non-GAAP net income increased to $1.2 billion or $1.58 per share, from $1.1 billion or $1.38 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the third quarter were $4.95 billion, up from $4.73 billion the prior year. Wall Street expected revenues of $4.93 billion for the quarter.

The company expects non-GAAP earnings for the fourth quarter 2014 to be in the range of $0.15 to $0.19 per share versus 2013 non-GAAP earnings of $0.04 per share.

Fourth quarter constant dollar net revenue yields are expected to be up 1.5 to 2.5 percent compared to the prior year. Net cruise costs excluding fuel per ALBD for the fourth quarter are expected to be lower by 1.0 to 2.0 percent on a constant dollar basis compared to the prior year.

Analysts expect the company to report earnings of $0.21 per share and revenues of $3.83 billion for the fourth-quarter.

Based on the strength of third quarter net revenue yields and current booking trends, the company has increased its expectations for full year 2014 net revenue yields on a constant dollar basis to be in line with the prior year, from its previous guidance of down slightly.

The company has increased its forecast for full year 2014 non-GAAP earnings per share to be in the range of $1.84 to $1.88, better than both June guidance of $1.60 to $1.75.

Wall Street currently is looking for fiscal year 2014 earnings of $1.75 per share on annual revenues of $15.98 billion.

For fiscal 2015, net cruise costs excluding fuel per ALBD are expected to increase approximately three percent due primarily to a significantly higher level of dry-dock days scheduled next year to install new air emissions technology as well as other technology designed to improve fuel efficiency.