Friday, 20 December 2013

Carnival Corp.'s Q4 profit falls, Q1 loss projected

Carnival Corp.'s Q4 profit falls, Q1 loss projected

By Tom Stieghorst
Carnival Corp. reported a fourth-quarter net profit of $66 million, a 29% decline from the $93 million earned in the 2012 fourth quarter.

Revenue fell to $3.6 billion from $3.7 billion.

Carnival forecast a loss for the first quarter of 2014 of between $62 million and $85 million on a non-GAAP accounting basis.

For all of 2014, bookings are running behind last year’s levels at comparable prices. Carnival Corp. CEO Arnold Donald said the company continues to believe cruise price comparisons will turn positive by mid-year.

“Even in a challenging year, our company continued to produce strong cash from operations approaching $3 billion,” Donald said, enough to fund capital improvements, a dividend and a stock repurchase program.