Carnival Corp. Reports First Quarter Earnings

Wednesday, March 21, 2001
Carnival Corp. reported net income of $128 million ($0.22 diluted EPS) on revenues of $1 billion for its first quarter ended February 28, 2001, compared to net income of $171.5 million ($0.28 diluted EPS) on revenues of $824.9 million for the same quarter in 2000. For the first quarter of 2001, revenues increased 22.2 percent over the comparable quarter in 2000 primarily because of the consolidation of Costa's results of operations starting in the first quarter of 2001 and the introduction of new ships to the company's Carnival Cruise Lines and Holland America Line fleets.Earnings for the first quarter of 2001 decreased compared to 2000 primarily because last year's results included significantly higher net revenue yields, which largely resulted from the unusually high-priced "Millennium sailings" over the New Year's period last year. Commenting on first quarter of 2001 results, Carnival Corp. chairman and CEO Micky Arison noted that, excluding the effect of the Millennium, comparable net revenue yields were down less than one percent compared to the first quarter of 2000, demonstrating a continuing improvement over what the company had reported during the last several quarters."It appears our strategy of aggressively pricing our cruises for those guests booking the furthest in advance of sailing has worked, especially considering the improvement in comparable net revenue yields occurred during a period of increasing weakness in the U.S. economy," Arison said. Also during the first quarter of 2001, the company finalized contracts for the construction of two new 105,000-ton ships for its Costa Cruises brand and also transferred Carnival Cruise Lines' 1,022-passenger Tropicale to the Costa fleet.The Costa Tropicale is currently undergoing a major refit in Italy and is expected to begin operating seven-day Mediterranean cruises in June 2001.

Contracts

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Cruise Ship Trends

Vard Bags Hapag-Lloyd Cruises contract for 2 Vessels

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that it has secured contracts

Lucas Marine, Harbor Breeze Cruises Partner to Cut Fuel Costs

Lucas Marine is partnering with Harbor Breeze Corporation to help reduce the yacht charter and cruise company's fuel costs, maintenance and environmental impact in Los Angeles and Long Beach Harbors.

Pods Versus Water Lubricated Props

Thordon Bearings has called on the marine industry to investigate the characteristics of both conventional seawater-lubricated propeller shaft systems and podded

 
 
Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0786 sec (13 req/sec)