Carnival Drops After Forecast Misses Analysts' Estimates
Stock Chart for Carnival Corp (CCL)
Carnival Corp. (CCL), the world’s biggest cruise line operator, fell the most in 11 months after the company’s 2013 profit forecast missed analysts’ estimates.
The shares slid 5.3 percent to $36.99 at the close in New York after the Miami-based company said earnings will rise to as much as $2.40 a share in 2013, excluding items. Analysts predicted $2.46, the average of estimates compiled by Bloomberg.
The company’s European brands continue to suffer from a deteriorating economy, Carnival said today in a statement. The North America business and Costa will benefit from a recovery in ticket prices and occupancy. The drop in shares was the biggest since Jan. 17, the first day of trading after Carnival’s Costa Concordia ran aground off the coast of Italy. Carnival shares have gained 13 percent this year.
For the fourth quarter ended Nov. 30, Carnival said net income fell 57 percent to $93 million, or 12 cents a share, from $217 million, or 28 cents, a year earlier. Excluding items, profit fell to 13 cents, beating the 11-cent average of 16 analysts’ estimates.
Revenue for the quarter declined 3.1 percent to $3.58 billion, exceeding analysts’ projections of $3.49 billion.
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