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Carnival Corp. Slips To Loss In Q1

Carnival Corporation & plc (CCL,CUK,CCL.L) reported that its net loss for the first quarter of 2020 was $781 million or $1.14 per share, compared to a net income of $336 million, or $0.48 per share in the first quarter of 2019. The latest-quarter results included $932 million of goodwill and ship impairment charges, reduced by net gains on ship sales.

Adjusted net income was $150 million or $0.22 per share, compared to $338 million, or $0.49 per share in the prior year.

The impact of COVID-19 on the first quarter 2020 net loss was approximately $0.23 per share, which includes cancelled voyages and other voyage disruptions, and excludes the impairment charges.

Total revenues for the first quarter of 2020 were $4.8 billion, higher than $4.7 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share and revenues of $4.52 billion. Analysts' estimates typically exclude special items.

The company it is currently unable to provide an earnings forecast, however it expects a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020.

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