Carnival Cruise Line Reports Profit Increase

Carnival Corp. (CCL) reported that its profit rose 10 percent in its fiscal first quarter. For the quarter that ended Feb. 28, earnings grew to $260 million, or 33 cents per share, up from $236 million, or 30 cents per share, a year ago. Carnival said its revenue fell 9 percent to $2.86 billion, from $3.15 billion in the first fiscal quarter of 2008.

Analysts forecasted earnings of 19 cents per share on revenue of $2.87 billion. This exceeded Wall Street's expectations and was helped by a sharp drop in fuel prices and one-time gains.

Carnival has maintained strong booking volumes by slashing cruise prices. However, the company has lowered its fiscal 2009 earnings guidance, citing the drop in consumer spending and weakening foreign exchange rates.

by Mark Anderson | 03/24/09 | Stocks: CCL,

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Carnival Cruise Line Reports Profit Increase

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