Carnival Corp. & plc. (CCL,CUK,CCL.L) reported that its first-quarter of 2013 GAAP net income, was $37 million, or $0.05 per share, compared to a loss of $139 million, or $0.18 per share, for the first quarter of 2012.
The latest-quarter result included net unrealized losses on fuel derivatives of $28 million, where as the prior year quarter results included the non-cash write-down for Ibero Cruises goodwill and trademark assets of $173 million and net unrealized gains on fuel derivatives of $21 million.
Non-GAAP net income was $65 million, or $0.08 per share, up from $13 million, or $0.02 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $3.59 billion compared to $3.58 billion in the prior year quarter. Eleven analysts had consensus revenue estimate of$3.56 billion for the quarter.
The company expects non-GAAP earnings for the second quarter 2013 to be in the range of $0.04 to $0.08 per share versus 2012 non-GAAP earnings of $0.20 per share. Second quarter constant dollar net revenue yields are expected to be down slightly compared to the prior year. Analysts expect the company to report earnings of $0.29 per share on revenues of $3.70 billion for the second-quarter.
The company now forecasts full year 2013 non-GAAP earnings per share to be in the range of $1.80 to $2.10, compared to prior estimates of $2.20 to $2.40 per share.
The company now expects full year 2013 net revenue yields, on a constant dollar basis to be in line with the prior year compared to up 1 to 2 percent in the prior guidance
Analysts expect the company to report earnings of $2.35 per share on revenues of $16.26 billion for fiscal 2013.
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