Carnival's European Outlook Hinders 2019 Forecast as Cyclical Headwinds Abroad Persist
Narrow-moat Carnival reported second-quarter results that were better than expected, with earnings per share of $0.66 versus our $0.58 forecast and initial guidance of $0.56-$0.60. However, this was largely due to the timing of expenses, with as-reported net cruise costs falling 2.2%, more than our flat year-over-year expectation. More important, the company’s outlook was dismal on the yield front, with 2019 as-reported net yields set to decline 2.5%, from a 1% downtick prior. While our forecast...Carnival is a leisure travel and cruise company. Co. operates over 100 cruise ships within a portfolio of global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences. Co.'s North America cruise brands include Carnival Cruise Line, Princess Cruises, Holland America Line, and Seabourn. Co. also has a Cruise Support segment that represents its portfolio of port destinations and private islands, which are operated for the benefit of its cruise brands. In addition to its cruise operations, Co. owns Holland America Princess Alaska Tours, the tour company in Alaska and the Canadian Yukon, which complements Co.'s Alaska cruise operations.
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