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Τετάρτη 29 Μαρτίου 2017

CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER EARNINGS

Αποτέλεσμα εικόνας για CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER EARNINGS
MIAMI (March 28, 2017) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced U.S. GAAP net income of $352 million, or $0.48 diluted EPS, for the first quarter of 2017 compared to U.S. GAAP net income for the first quarter of 2016 of $142 million, or $0.18 diluted EPS. First quarter 2017 adjusted net income of $279 million, or $0.38 adjusted EPS, compared to adjusted net income of $301 million, or $0.39 adjusted EPS, for the first quarter of 2016. Adjusted net income excludes unrealized gains and losses on fuel derivatives and other net charges, totaling $73 million in gains for the first quarter 2017 and $159 million of losses for the first quarter 2016. Revenues for the first quarter of 2017 of $3.8 billion were higher than the $3.7 billion in the prior year. 
Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted, “We are off to a good start delivering another quarter of operational improvement on top of a very strong first quarter last year. Our performance was driven by increased demand, particularly for our core Caribbean itineraries, leading to higher year-over-year ticket prices which enabled us to overcome the significant negative impact of both fuel and currency to exceed the high end of our guidance range.”
Key information for the first quarter 2017 compared to the prior year:
        Gross revenue yields (revenue per available lower berth day or “ALBD”) increased 0.1 percent.In constant currency, net revenue yields increased 3.8 percent for 1Q 2017, better than December guidance of up 1.5 to 2.5 percent.
        Gross cruise costs including fuel per ALBD increased 2.9 percent. In constant currency, net cruise costs excluding fuel per ALBD increased 3.2 percent, compared to December guidance of up 1.5 to 2.5 percent, due to the timing of certain expenses.
        Changes in fuel prices (including realized fuel derivatives) and currency exchange rates decreased earnings by $0.13 per share.
                Highlights during the first quarter included the January announcement at the Consumer Electronics Show in Las Vegas, Nevada of a potential breakthrough guest experience innovation the Ocean Platform -- featuring Ocean Medallion. The experience will debut on Princess Cruises’ Regal Princess in November 2017 followed by additional Princess ships in 2018.
                Fleet enhancement milestones included the official debut of Seabourn Cruises’ newest ship, Seabourn Encore, with its naming ceremony in Singapore. International recording artist and world's best-selling soprano Sarah Brightman presided over the naming ceremony as godmother of the stunning new 600-guest ship. Additionally, the company signed a memorandum of agreement with Italian shipbuilder Fincantieri to build two new cruise ships. The first is designated for Holland America Line to be delivered in 2021 with the second for Princess Cruises in 2022.
                Also during the quarter, following the Corporation’s historic sailings from the U.S. to Cuba through its Fathom brand, Carnival Cruise Line received approval to begin operating cruises to Cuba. Carnival Paradise will be the largest cruise ship to sail to Cuba from the U.S. when it begins calling in Havana in June 2017.



2017 Outlook
                At this time, cumulative advance bookings for the remainder of 2017 are well ahead of the prior year at considerably higher prices. During the quarter, both booking volumes and pricing for the remainder of 2017 have been running ahead of last year.
                Donald commented, “Wave season, our peak booking period, was strong leaving us well positioned with bookings at considerably higher prices and with less inventory remaining for sale in 2017 compared to the prior year, resulting in increased earnings guidance. We are clearly benefiting from our efforts to increase cruise consideration through guest experience innovations, creative marketing, and public relations programs. We are reaching consumers through multiple touch points and laying the foundation for continued earnings improvement and sustained double digit returns on invested capital.”
                The company expects full year 2017 net revenue yields in constant currency to be up approximately 3 percent compared to the prior year, better than December guidance of up approximately 2.5 percent. The company continues to expect full year net cruise costs excluding fuel per ALBD in constant currency to be up approximately 1 percent compared to the prior year. Changes in fuel prices (including realized fuel derivatives) and currency exchange rates compared to the prior year are expected to decrease earnings by $0.35 per share.
Taking the above factors into consideration, the company expects full year 2017 adjusted earnings per share to be in the range of $3.50 to $3.70 compared to December guidance of $3.30 to $3.60 and 2016 adjusted earnings per share of $3.45.



Second Quarter 2017 Outlook
                Second quarter constant currency net revenue yields are expected to be up approximately 2.5 to 3.5 percent compared to the prior year. Net cruise costs excluding fuel per ALBD in constant currency for the second quarter of 2017 are expected to be higher by approximately 1.5 to 2.5 percent compared to the prior year. Changes in fuel prices (including realized fuel derivatives) and currency exchange rates compared to the prior year are expected to decrease earnings by $0.12 per share. Based on the above factors, the company expects adjusted earnings per share for the second quarter 2017 to be in the range of $0.43 to $0.47 versus 2016 adjusted earnings per share of $0.49.



Selected Key Metrics


Full Year 2017

Second Quarter 2017
Year over year change:

Current
Dollars

Constant
Currency

Current
Dollars

Constant
Currency
Net revenue yields

Approx 1.5%

Approx 3.0%

0.5 to 1.5%

2.5 to 3.5%
Net cruise costs excl. fuel / ALBD

Approx flat

Approx 1.0%

(0.5) to 0.5%

1.5 to 2.5%


    Full Year 2017

Second Quarter 2017
Fuel price per metric ton
$362

$359
Fuel consumption (metric tons in thousands)
3,310

840
Currency:     Euro
$1.07 to €1

$1.08 to €1
                     Sterling
$1.25 to £1

$1.25 to £1
                     Australian dollar
$0.76 to A$1

$0.76 to A$1


Three Months Ended
February 28/29,






2017

2016





Net income (in millions)
$
352


$
142






Adjusted net income (in millions) (a)
$
279


$
301















Earnings per share-diluted
$
0.48


$
0.18






Adjusted earnings per share-diluted (a)
$
0.38


$
0.39







(a) See the net income to adjusted net income and EPS to adjusted EPS reconciliations in the Non-GAAP Financial Measures
included herein.



Conference Call
The company has scheduled a conference call with analysts at 10:00 a.m. EDT (3:00 p.m. BST) today to discuss its 2017 first quarter results. This call can be listened to live, and additional information can be obtained, via Carnival Corporation & plc’s Web site at www.carnivalcorp.com and www.carnivalplc.com. 
Carnival Corporation & plc is among the largest, most profitable and financially strong leisure travel companies in the world. With a portfolio of 10 cruise brands in North America, Europe, Australia and Asia, comprised of Carnival Cruise Line, Fathom, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, P&O Cruises (Australia) and P&O Cruises (UK).

Together, these brands operate 102 ships visiting over 700 ports around the world and totaling 226,000 lower berths with 19 new ships scheduled to be delivered between 2017 and 2022. Carnival Corporation & plc also operates Holland America Princess Alaska Tours, the leading tour companies in Alaska and the Canadian Yukon. Traded on both the New York and London Stock Exchanges, Carnival Corporation & plc is the only group in the world to be included in both the S&P 500 and the FTSE 100 indices.