cbs4 My 33 Header Logo

Business

Carnival Posts Net Drop For 1st Qtr.

View Comments
Carnival_Cruise_Logo

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

MIAMI (CBS4) – Miami based Carnival Corp. had a bit of a sinking feeling Tuesday after releasing their first quarter report which showed a 13 percent decrease in net income.

The cruise giant put part of the blame on higher than expected fuel prices.

Carnival officials announced that the company earned $152 million, or 19 cents per share, for the period which ended Feb. 28; down from $175 million, or 22 cents per share, a year ago.

But it wasn’t all bad news.

Carnival said lower than-expected costs helped offset fuel prices that rose 9 percent. The company announced revenue rose 8 percent to $3.42 billion on higher ticket prices and passengers spending more on board its ships.

The performance beat Wall Street’s $3.28 billion estimate.

Carnival Corp. includes Holland America Line, Princess Cruises, Carnival Cruise Lines and Costa Cruises.

(©2011 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,499 other followers