More Cruise Growth: Record Q2 for Carnival Corp.

Carnival Horizon
Carnival Horizon was among the new cruise ships launched during the second quarter.

Carnival Corporation had a record second quarter in terms of both revenues and adjusted earnings, according to the cruise company’s latest earnings report.

In a written statement Carnival Corp. CEO Arnold Donald attributed the strong numbers to the company’s strategy of creating demand, which has included increasing capacity with new cruise ships and the development of original television programming. The second quarter saw a 30 percent increase in adjusted earnings, Donald noted.

Overall Carnival Corp. saw an adjusted net income of $489 million in the second quarter, up from $378 million last year. Revenues also rose, from $3.9 billion to $4.4 billion.

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The second quarter saw the launch of several new ships among Carnival Corp.’s cruise brands, including the new Carnival Horizon in March and the Seabourn Ovation in April. Carnival Cruise Line also received approval for more than 20 additional Cuba calls in 2019, for a total of 40, during the second quarter. Finally, the second quarter saw the opening of a new operations center for Carnival Cruise Line.

Looking ahead, Carnival Corp. reports that cumulative advanced bookings for the next three quarters are in line with the prior year at higher prices. Since March, booking volumes for the next three quarters have been running slightly ahead of prior year at prices that are in line with the prior year.

Donald said that strong operational results have mitigated negative impacts from fuel prices and currency adjustments over the past quarter.

Overall, Carnival Corp. said it expects its full year 2018 net revenue yields in constant currency to be up approximately 3 percent over last year, better than the guidance the company released in March of 2.5 percent.

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