LONDON, April 22, 2015 /PRNewswire/ --
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Investor-Edge.com has issued free post-earnings coverage on Carnival Corp. (NYSE: CCL). On March 27, 2015, the company reported its financial results for Q1 FY15 (period ended February 28, 2015). Click on http://get.Investor-Edge.com/pdf/?c=Carnival%20Corp.&d=22-Apr-2015&s=CCL to read our free earnings review on Carnival Corp. (Carnival). During Q1 FY15, the company's revenues were $3.53 billion, while its operating income came in at $266 million. President and CEO of Carnival, Arnold Donald, stated that the year is off to a strong start achieving significantly higher earnings than the prior year and previous guidance. Carnival's onboard revenue initiatives drove particularly strong improvement in Q1 FY15 with onboard yields more than 8% higher than Q1 FY14 (constant dollar). Our free coverage report can be accessed at:
During Q1 FY15, Carnival's revenues fell by $54 million from $3.59 billion in Q1 FY14. The company's revenues for Q1 FY15 slightly missed Bloomberg analysts' forecast of $3.57 billion. Carnival's cruise passenger tickets contributed $2.63 billion to total revenues in Q1 FY15 compared to $2.73 billion in Q1 FY14. Cruise onboard and other revenues for Q1 FY15 came in at $889 million compared to $850 million in Q1 FY14. Moreover, Carnival's Tour and other revenues were $10 million in Q1 FY15 compared to $8 million in Q1 FY14.
For Q1 FY15, Carnival's net revenue yields (net revenue per available lower berth day - ALBD) increased 2.0% Y-o-Y on a constant dollar basis, which was better than the company's December's growth guidance of flat to up 1%. However, Carnival's gross revenue yields for Q1 FY15 decreased 3.1% Y-o-Y in current dollars due to changes in currency exchange rates. During Q1 FY15, Carnival's ALBDs were 18.58 million compared to 18.29 million in Q1 FY14. Furthermore, Carnival carried 2.46 million passengers in Q1 FY15 with occupancy of 103.1% compared to 2.41 million passengers with occupancy of 102.9% in Q1 FY14. Free research on CCL can be downloaded in PDF format at:
In Q1 FY15, net cruise costs excluding fuel per ALBD increased 2.4% Y-o-Y in constant dollars, primarily due to higher dry-dock costs and advertising expenses. However, costs were lower than December's guidance of up 5.5% to 6.5%, substantially due to the timing of expenses between quarters. Moreover, gross cruise costs, including fuel per ALBD in current dollars, declined 9.6% Y-o-Y in Q1 FY15 due to changes in fuel prices and currency exchange rates.
In Q1 FY15, Carnival's operating income improved by $199 million from $67 million in Q1 FY14. The company reported U.S. GAAP net income of $49 million, or $0.06 per diluted share, in Q1 FY15 compared to U.S. GAAP net loss of $20 million, or $0.03 loss per diluted share, in Q1 FY14. Analysts from Bloomberg had expected U.S. GAAP net income of $70 million, or $0.09 per diluted share for Q1 FY15. Furthermore, Carnival's non-GAAP net income for Q1 FY15 was $159 million, or $0.20 per diluted share, compared to non-GAAP net loss of $3 million, or $0.00 loss per diluted share, in Q1 FY14. Sign up and read the free analyst's notes on CCL at:
In its full-year FY15 guidance, Carnival anticipates net revenue yields on a constant dollar basis to improve in the range of 3% to 4%. Excluding fuel, the company expects net cruise costs per ALBD to be up 2% to 3% on a constant dollar basis in FY15 compared to FY14. Taking the above factors into consideration, the company has increased its forecast for FY15 and expects non-GAAP diluted earnings per share (EPS) to be in the range of $2.30 and $2.50. Further, Carnival expects non-GAAP diluted EPS to be in the range of $0.11 to $0.15.
On the day of the earnings release, March 27, 2015, Carnival's stock rallied 6.08% to end the session at $47.12. Since then, the stock has moved both ways. On the last close, Tuesday, April 21, 2015, the stock finished 0.22% higher at $46.59, after vacillating between $46.32 and $46.91 during the trading session. A total of 2.62 million shares were traded which was below their three months average volume of 4.53 million shares. The stock has fallen by 0.62% in the last one month. However, over the previous three months and since the beginning of 2015, the company's shares have gained 2.10% and 2.78%, respectively. Moreover, shares in Carnival closed above their 50-day and 200-day moving averages of $45.56 and $41.66, respectively. Additionally, the stock traded at a PE ratio of 21.61 and has a Relative Strength Index (RSI) of 47.34. Visit Investor-Edge and access the latest research on CCL at:
Sneak Peek to Corporate Insider Trading
In the last one month, Carnival has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on CCL is available at:
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