Carnival Slips To Loss In Q1; Narrows FY14 EPS View - Quick Facts

(RTTNews) - Cruise operator Carnival Corp. & plc. (CCL, CUK, CCL.L) said that its GAAP net loss for the first quarter of 2014 was $15 million or $0.02 per share, compared to net income of $37 million or $0.05 per share in the first quarter of 2013. The recent quarter results included net unrealized losses on fuel derivatives of $17 million.

Quarterly non-GAAP net income was $2 million, or break even per share compared to non-GAAP net income of $67 million, or $0.08 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the first-quarter. Analysts' estimates typically exclude special items.

Revenues for the first quarter were $3.585 billion compared to $3.593 billion in the year ago quarter. Twelve analysts estimated revenues of $3.56 billion for the quarter.

The company expects non-GAAP results for the second quarter 2014 to be in the range of loss $0.02 per share to profit $0.02 per share versus 2013 non-GAAP earnings of $0.07 per share. Analysts project second-quarter earnings of $0.07 per share.

Second quarter constant dollar net revenue yields are expected to decrease 3 to 4 percent compared to the prior year. Net cruise costs excluding fuel per ALBD for the second quarter are expected to be up 2.5 to 3.5 percent on a constant dollar basis compared to the prior year due primarily to higher selling and administrative costs.

The company now expects full year 2014 non-GAAP earnings per share to be in the range of $1.50 to $1.70. Analysts project annual earnings per share of $1.73. The company said in December that it expected non-GAAP earnings per share to be in the range of $1.40 to $1.80 for full year 2014.

The company continues to expect full year 2014 net revenue yields, on a constant dollar basis, to be down slightly compared to the prior year (in line with the prior year on a current dollar basis).

The company also continues to expect net cruise costs excluding fuel per ALBD for full year 2014 to be slightly higher than the prior year on a constant dollar basis.