Carnival Q1 Profits Up, But Second Quarter Looks Weak

Carnival Corp. reported that profits rose nearly nine percent in the first quarter, matching Wall Street estimates, but said the outlook for the second quarter was weak.

Officials said net income in the first quarter, boosted by its Millennium cruises, rose to $171.5 million from $157.8 million a year earlier. However, softer ticket pricing and slower booking patterns along with higher fuel costs are expected to cause earnings for the second quarter to be slightly lower than last year, officials said.

Carnival believes earnings for the second half of the year will be stronger, and estimated that for the entire year, earnings will rise eight to 10 percent from 1999.