Higher Fuel, Foreign Exchange, and Weaker European Consumer Sink Carnival’s 2019 Outlook
Narrow-moat Carnival’s full-year outlook was lowered on the heels of foreign exchange and fuel headwinds (to the tune of $0.22), with the company forecasting full-year 2019 earnings of $4.35-$4.55 versus $4.50-$4.80 previously, significantly lower than our $4.74 prior 2019 estimate. While we are generally unfazed by external factors exerting force on profitability, more concerning was commentary that Europe and Asia brands are booked ahead of the prior year but at lower prices. Given that uncert...
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