Carnival Reports 3Q Earnings

Thursday, September 18, 2003
Carnival Corporation & plc reported net income of $734.3 million ($0.90 Diluted EPS) on revenues of $2.52 billion for its third quarter ended August 31, 2003, compared to net income of $500.8 million ($0.85 Diluted EPS) on revenues of $1.44 billion for the same quarter in 2002. Net income for the nine months ended August 31, 2003 was $988.9 million ($1.42 Diluted EPS) on revenues of $4.90 billion, compared to net income of $824.6 million ($1.40 Diluted EPS) on revenues of $3.34 billion for the same period in 2002. Earnings per share for the third quarter and nine months of 2003 were reduced by $0.02 and $0.01, respectively, due to the dilutive impact of the company’s zero-coupon convertible notes, which became convertible for the first time at the end of the third quarter of 2003. In addition, earnings for last year’s third quarter were higher by $14 million resulting from a nonrecurring $34 million income tax benefit from the company’s Costa Cruise operations, net of a $20 million impairment charge. Carnival Corporation and P&O Princess entered into a dual listed company (“DLC”) structure on April 17, 2003, which effectively made Carnival Corporation and P&O Princess a single economic entity (“Carnival Corporation & plc” or the “company”). Also on that date, P&O Princess changed its name to Carnival plc. For reporting purposes, Carnival Corporation has accounted for the DLC transaction as an acquisition of Carnival plc. Consolidated financial results for the company for the third quarter of 2003 include the results of Carnival Corporation and Carnival plc for the entire quarter. The nine month results include Carnival Corporation for the entire period and Carnival plc from April 17, 2003. Consolidated revenues for the third quarter of 2003 increased by $1.08 billion compared to the third quarter of 2002 primarily due to the inclusion of $909 million of Carnival plc revenues and a 19.6 percent increase in Carnival Corporation standalone capacity, partially offset by lower cruise ticket prices. Operating costs and selling, general and administrative expenses increased by $706 million compared to the third quarter of 2002. Approximately $584 million of the increase was due to the inclusion of Carnival plc, and the remainder was primarily due to increased capacity.
Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

WEG to Showcase Drive Solutions at SMM

WEG, a global supplier of drive systems, will showcase its range of systems for the shipbuilding and offshore industry at this year’s SMM (Shipbuilding, Machinery & Marine Technology Fair) in Hamburg.

Fincantieri to Build Third New Princess Cruises Ship

Fincantieri says it has signed an agreement with Carnival Corp. to build  the new cruise ship for its Princess Cruises brand at a cost of about 600 million euros.

Burger Boat to Build New Passenger Vessel

Burger Boat Company announced that it has received a contract for the construction of an 89-foot (27-meter) steel passenger vessel for Wendella Sightseeing Company, Chicago, Ill.

Finance

Dan-Bunkering Restructures for Expansion

Bunker trading company A/S Dan-Bunkering Ltd. introduced a new organizational structure effective August 1, 2014. The company said the move was made to maintain its position,

1H 2014 Profits of Port of Tallinn Up 16%

Port of Tallinn earned an unaudited half-year net profit of 20.2 million euros with company’s turnover reaching 59 million euros. Compared to last year the turnover

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1774 sec (6 req/sec)