Carnival Corp. Net Income Drops

Friday, September 22, 2000
Carnival Corporation reported net income of $396.2 million ($0.67 Diluted EPS) on revenues of $1.23 billion for its third quarter ended August 31, 2000, compared to net income of $415.1 million ($0.67 Diluted EPS) on revenues of $1.16 billion for the same quarter in 1999.

Net income for the nine months ended August 31, 2000, was $771.7 million ($1.27 Diluted EPS) on revenues of $2.93 billion, compared to net income of $776.2 million ($1.26 Diluted EPS) on revenues of $2.71 billion for the same period in 1999.

The company's higher revenues during the third quarter of 2000 were primarily driven by an 11.3 percent increase in cruise capacity provided by Carnival Cruise Lines' 2,758-passenger Carnival Triumph, launched in July 1999; and Holland America Line's 1,440-passenger Volendam and Zaandam, introduced in November 1999 and May 2000, respectively.

Commenting on third quarter results, Carnival Corporation Chairman and CEO Micky Arison noted that operating results were largely in line with expectations given the continued pressure on cruise pricing, significantly higher fuel costs and the loss of five seven-day cruises due to the unscheduled drydock of Carnival Cruise Lines' Paradise. Despite these conditions, cruise operating earnings grew by $4.8 million in the third quarter compared to the same period in 1999. "Although we were not satisfied with third quarter financial results, our ships operated at a 112.4 percent occupancy rate, reflecting a 13.9 percent increase in passengers carried during the quarter," Arison said. He also pointed out that the company has carried close to 2 million passengers in the first nine months of 2000 compared to 1.75 million for the same period in 1999. "The record number of passengers carried will provide the various Carnival cruise brands with a growing base of satisfied guests to draw upon, which bodes well for future business," Arison explained.

Looking ahead, Arison said the fourth quarter of 2000 appears to be shaping up as expected with continued pressure on pricing, although comparisons with prior year net revenue yields may be somewhat better than third quarter comparisons.

Higher fuel costs are also expected to impact the fourth quarter.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. hasĀ  announcedĀ  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

Viking Supply Ships Sell PSV 'SBS Cirrus'

Rederi AB TransAtlantic subsidiary Viking Supply Ships says it has sold the 1985 built platform supply vessel SBS Cirrus. The vessel has been delivered to its new owners,

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1025 sec (10 req/sec)