Summary
Carnival Corporation & PLC reported revenues of $3.2 billion for the three months ended May 31, 2010, a 8.4% increase compared to the same period in 2009, driven by higher passenger ticket and onboard revenues. Net income for the quarter was $252 million, a slight decrease from $264 million in the prior year, resulting in diluted earnings per share of $0.32, down from $0.34. Despite an 8.1% increase in capacity (ALBDs), the company faced increased operating costs, particularly a significant rise in fuel prices, which impacted profitability. The company also experienced disruptions from the Icelandic volcanic ash cloud and an earthquake in Chile. For the six-month period, revenues increased to $6.3 billion from $5.8 billion, but net income fell to $427 million from $524 million, with diluted EPS at $0.54 compared to $0.66 in the prior year. Carnival's balance sheet shows total assets of $36.0 billion and total shareholders' equity of $20.9 billion as of May 31, 2010. Current liabilities increased significantly due to a substantial rise in customer deposits, reflecting advance ticket sales. The company's cash flow from operations remained strong, providing $1.8 billion for the six months ended May 31, 2010, which was used to fund significant capital expenditures, primarily for new shipbuilding. The company maintained a strong liquidity position, with $5.5 billion in cash, cash equivalents, and available borrowing capacity.
Financial Highlights
50 data points| Revenue | $3.19B |
| Cost of Revenue | $2.17B |
| Gross Profit | $1.03B |
| SG&A Expenses | $404.00M |
| Operating Expenses | $2.92B |
| Operating Income | $349.00M |
| Interest Expense | $99.00M |
| Net Income | $252.00M |
| EPS (Basic) | $0.32 |
| EPS (Diluted) | $0.32 |
| Shares Outstanding (Basic) | 788.00M |
| Shares Outstanding (Diluted) | 806.00M |
Key Highlights
- 1Total revenues increased to $3.20 billion for the three months ended May 31, 2010, up from $2.95 billion in the prior year, driven by higher cruise ticket and onboard revenues.
- 2Net income for the three months ended May 31, 2010, was $252 million, a decrease from $264 million in the comparable period of 2009.
- 3Diluted Earnings Per Share (EPS) for the quarter was $0.32, down from $0.34 in the prior year, reflecting increased costs.
- 4Operating costs increased significantly, driven by an 8.1% capacity increase and a substantial rise in fuel prices, which more than doubled per metric ton.
- 5Customer deposits increased substantially to $3.21 billion from $2.58 billion, indicating strong advance bookings.
- 6Capital expenditures were robust at $2.17 billion for the six months ended May 31, 2010, primarily for new shipbuilding.
- 7The company maintained a strong liquidity position with $5.5 billion in cash, cash equivalents, and committed financings as of May 31, 2010.