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Carnival Q2 Profit Tops Guidance; Cuts Earnings Outlook

Carnival Corporation & plc (CCL,CCL.L,CUK) reported second-quarter adjusted earnings which were better than the company's March guidance by $0.08 per share substantially due to the timing of expenses between quarters. The company said its second-quarter earnings included revenue growth from higher capacity and improved onboard spending, more than offset by a drag from fuel and currency compared to the prior year. Looking forward, Carnival lowered its fiscal year earnings guidance.

For the second-quarter, adjusted net income was $457 million, or $0.66 per share, compared to $489 million, or $0.68 per share, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.61 for the quarter. Analysts' estimates typically exclude special items.

Second-quarter total revenues were $4.8 billion, compared to $4.4 billion in the prior year. Analysts expected revenue of $4.53 billion for the quarter.

For 2019, the company expects adjusted earnings per share to be in the range of $4.25 to $4.35, compared to March guidance of $4.35 to $4.55. Analysts expect the company to report profit per share of $4.54, for the fiscal year.

For the third-quarter, the company expects adjusted earnings per share to be in the range of $2.50 to $2.54. Analyst expect the company to report profit per share of $2.68, for the quarter.

Shares of Carnival Corporation & plc were down more than 7% in pre-market trade on Thursday.

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