Carnival Cruises Q4 Profit Drops, Guides Q1 Below View

(RTTNews) - Cruise operator Carnival Corp. & plc  reported Tuesday a profit for the fourth quarter that declined from last year, reflecting a 39 percent increase in fuel prices that was partially offset by higher revenue yields.

However, earnings per share for the quarter met analysts' expectations, while quarterly revenues missed their estimates. The company also provided earnings guidance for the full-year 2012 in line with view, but projected earnings for the first quarter of 2012 below market expectations.

The Miami, Florida-based company reported net earnings of $217 million or $0.28 per share for the fourth quarter, lower than $248 million or $0.31 per share in the prior-year quarter. On average, 14 analysts polled by Thomson Reuters expected Carnival to earn $0.28 per share for the fourth quarter. Analysts' estimates typically exclude special items.

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