Carnival Corp. Rises On Upbeat Quarterly Results

Shares of leisure travel company Carnival Corporation & plc (CCL) are rising more than 8% Wednesday morning after reporting better-than-expected earnings in the fourth quarter.

Net loss in the fourth quarter was $1.598 billion, or $1.27 per share, narrower than 2.62 billion or $2.31 per share in the same quarter a year ago.

Excluding one-time items, loss was $1.068 billion, or $0.85 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.87 loss per share.

Revenue in the fourth quarter was $3.838 billion, which was 80% of 2019 levels. This was better than the third quarter which was 66% of 2019 levels, an improvement of 14 percentage points, the company said. Revenue in the fourth quarter of last year was $1.287 billion. The consensus estimate was for $3.91 billion.

CCL, currently at $8.63, has traded in the range of $6.11-$23.86 in the last 52 weeks.

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