Carnival lifts guidance as profit beats expectations

22nd Sep 2009 14:59

Shares in cruise operator Carnival are buoyant after net income for the third quarter came in ahead of expectations.Net income for the period totalled $1.1m, or $1.33 per diluted share, compared with $1.3bn, or $1.65 a share, over the same period the previous year. Revenue fell to $4.1bn from $4.8bn.The revenue declines were driven by lower prices and cruisers spending less as on board the company's vessels.'Given the global economic environment earning more than $1 billion this quarter was quite an achievement and is a testament to the power of our global brands,' chairman and chief executive Micky Arison said.'Our net income for the quarter exceeded our previous guidance, as a result of better than expected pricing on close-in bookings worldwide during the seasonally strong summer period.'He also expressed optimism on the outlook, pointing out that booking volumes for the remainder of 2009 and the first half of 2010 are 19% ahead of the same period the previous year.'While the environment for travel remains challenging, we are encouraged by the strength we have had in booking volumes throughout the year,' he said.Carnival has lifted its full year 2009 earnings forecasts to between $2.16 and $2.20 a share from a previous range of $2.00 to $2.10.