Carnival Reports First Quarter Earnings

Thursday, March 21, 2002
Carnival Corporation reported net income of $129.6 million on revenues of $905.8 million for its first quarter ended February 28, 2002, compared to net income of $128.0 million ($0.22 EPS) on revenues of $1.0 billion for the same quarter in 2001. Commenting on first quarter results, Carnival Chairman and CEO Micky Arison said he was particularly pleased with the company's first quarter earnings performance, despite the adverse impact on business from the tragic events of September 11. "In the two months following September 11, our advance bookings for 2002 cruises dropped dramatically because of the significant slowdown in travel. The subsequent recovery in our booking levels has greatly exceeded earlier expectations and demonstrates the resiliency of the cruise vacation business," Arison said. Revenues for the first quarter of 2002 were down 10 percent compared to the same quarter in 2001. This decrease in revenues was primarily caused by the impact of the September 11 events, which resulted in a significant reduction in the number of guests purchasing air travel and also lower cruise ticket prices and occupancies. These reductions were partially offset by a 2.3 percent increase in cruise capacity. As a result of lower ticket prices and occupancies, net revenue yields (net revenue per available berth day) were down 7.5 percent compared to the first quarter of last year. Arison pointed out this was "a significant improvement over our November expectations that first quarter net revenue yields would be down 15 percent." Partially offsetting the lower revenues in 2002 was a 7.2 percent reduction in the company's cost per available berth day. First quarter 2002 results also did not include any losses from the company's investment in Airtours plc, which was sold in June 2001.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

 
 
Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar 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: 0.1584 sec (6 req/sec)