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...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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