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Carnival Posts Net Drop For 1st Qtr.

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 This material may not be published, broadcast, rewritten, or redistributed.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.)

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