-=Carnival (CCL) reported earnings on Thur 26 Sept 19 (b/o)

Carnival beats by $0.09, beats on revs; guides Q4 EPS below consensus

Reports Q3 (Aug) earnings of $2.63 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $2.54; revenues rose 11.9% year/year to $6.53 bln vs the $6.14 bln S&P Capital IQ Consensus.

• Gross revenue yields (revenue per available lower berth day or "ALBD") increased 5.6 percent. In constant currency, net revenue yields decreased 0.5 percent, in line with June guidance of down slightly to flat.

Co issues downside guidance for Q4, sees EPS of $0.46-0.50, excluding non-recurring items, vs. $0.66 S&P Capital IQ Consensus.

• Fourth quarter constant currency net revenue yields are expected to be down 2.0 to 3.0 percent compared to the prior year.

Issues FY 20 guidance: "Cumulative advanced bookings for the first half of 2020 are ahead of the prior year at prices that are in line compared to 2019 on a comparable basis. Since June, both booking volumes and prices for the first half of next year have been running lower than the prior year. For full year 2020, the company expects capacity growth of approximately 7 percent."