Carnival Corp Report Profit Slide in Q2 2013
Non-GAAP net income of $72 million, or $0.09 diluted EPS for the second quarter of 2013 compared to non-GAAP net income for the second quarter of 2012 of $159 million, or $0.20 diluted EPS.
A brief synopsis follows:
Key metrics for the second quarter 2013 compared to the prior year:
- On a constant dollar basis, net revenue yields (net revenue per available lower berth day or "ALBD") decreased 1.9 percent for 2Q 2013. Gross revenue yields decreased 3.1 percent in current dollars.
- Net cruise costs excluding fuel per ALBD increased 8.8 percent in constant dollars, primarily due to the timing of dry-dock expenses, vessel repair costs and non-recurring items which benefitted the prior year. Gross cruise costs including fuel per ALBD in current dollars decreased 0.1 percent.
- Fuel prices decreased 9.7 percent to $683 per metric ton for 2Q 2013 from $756 per metric ton in 2Q 2012.
- Fuel consumption per ALBD decreased 5.7 percent in 2Q 2013 compared to the prior year.
Carnival Corporation & plc Chairman and CEO Micky Arison stated, amongst other matters: "... we remain focused on reducing our fuel dependence. By year end, we will achieve a 23 percent cumulative reduction in fuel consumption since 2005 and expect our research and development efforts in fuel saving technologies to continue to bear fruit. We have strengthened our management teams in maritime and technical ship operations and product delivery, as well as marketing and communications. We expect the combination of these efforts will drive improved return on invested capital over time."