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Carnival Cuts 2019 Profit View; Stock Down

Carnival Corporation & plc (CCL,CUK,CCL.L) said it cut its adjusted earnings per share outlook for full year 2019 to a range of $4.23 to $4.27, from the prior range of $4.25 to $4.35 per share, reflecting recent fuel price increases. Analysts polled by Thomson Reuters expect the company to report earnings of $4.33 per share for fiscal year 2019. Analysts' estimates typically exclude special items.

CCL is currently trading at $43.97, down $4.09 or 8.51 percent.

The company expects full year 2019 constant currency net cruise revenues to be up approximately 4.0 percent, with capacity growth of 4.2 percent.

The company expects adjusted earnings per share for the fourth quarter 2019 to be in the range of $0.46 to $0.50 versus 2018 adjusted earnings per share of $0.70. Analysts expect earnings of $0.64 per share for the fourth-quarter. Fourth quarter constant currency net revenue yields are expected to be down 2.0 to 3.0 percent compared to the prior year.

For full year 2020, the company expects capacity growth of approximately 7 percent.

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