** charts before earnings **
** charts after earnings **
- One month later:
Carnival beats by $0.07, reports revs in-line; guides Q2 EPS in-line; raises low end of FY16 EPS, in-line :
- Reports Q1 (Feb) earnings of $0.39 per share, excluding non-recurring items,$0.07 better than the Capital IQ Consensus of $0.32; revenues rose 3.4% year/year to $3.65 bln vs the $3.63 bln Capital IQ Consensus.
- Net revenue yields (net revenue per available lower berth day or "ALBD") increased 5.7 percent in constant currency, which was better than the company's December guidance of up 3.5 to 4.5 percent. Gross revenue yields decreased 0.4 percent in current dollars due to changes in currency exchange rates. Net cruise costs excluding fuel per ALBD increased 1.6 percent in constant currency and were lower than December guidance, up 2.5 to 3.5 percent, due to the timing of expenses between quarters. Gross cruise costs including fuel per ALBD in current dollars decreased 6.0 percent due to changes in fuel prices and currency exchange rates.
- Co issues in-line guidance for Q2, sees EPS of $0.34-0.38, excluding non-recurring items, vs. $0.37 Capital IQ Consensus; constant currency net revenue yields are expected to increase 1.5 to 2.5 percent compared to the prior year. Net cruise costs excluding fuel per ALBD for the second quarter are expected to be up 0.5 to 1.5 percent on a constant currency basis compared to the prior year.
- Co issues in-line guidance for FY16, raises EPS to $3.20-3.40 from $3.10-3.40, excluding non-recurring items, vs. $3.37 Capital IQ Consensus; reaffirms net rev yields +3%; net cruise costs excl. fuel / ALBD +2%.
- Peers: RCL, NCLH.
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