PANAMA (dpa-AFX) - Carnival Corporation & plc (CCL, CCL.L, CUK) announced the company now expects full year 2016 adjusted earnings per share to be in the range of $3.25 to $3.35, compared to March guidance of $3.20 to $3.40. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.39. Analysts' estimates typically exclude special items.
The company expects 2016 net revenue yields on a constant currency basis to be up approximately 3.5 percent, compared to March guidance of approximately 3 percent. The company now expects 2016 net cruise costs excluding fuel per ALBD to be up approximately 1.5 percent compared to the prior year on a constant currency basis, better than March guidance of approximately 2.0 percent.
Carnival CEO Arnold Donald stated, '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.'
The company expects adjusted earnings for the third quarter to be in the range of $1.83 to $1.87 per share. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.98. Third quarter constant currency net revenue yields are expected to be up 2 to 3 percent compared to the prior year. Net cruise costs excluding fuel per ALBD for the third quarter are expected to be 6 to 7 percent higher on a constant currency basis compared to the prior year.
For the second-quarter, the company reported adjusted net income of $370 million, or $0.49 per share compared to $193 million, or $0.25 per share, last year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.39 for the quarter.
For the second quarter of 2016, U.S. GAAP net income, which included unrealized gains on fuel derivatives of $242 million and $7 million of other expenses, was $605 million, or $0.80 per share. For the second quarter of 2015, U.S. GAAP net income was $222 million, or $0.29 per share.
Revenues for the second quarter of 2016 were $3.7 billion compared to $3.6 billion for the prior year. Analysts expected revenue of $3.68 billion, for the quarter.
The company's Board has approved its third $1 billion share repurchase authorization. Since October, the company has repurchased nearly $1.9 billion in shares under it stock repurchase program.
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