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26 Mar 2019 | 15:15

Carnival downgrades annual guidance as fuel costs rise

Cruise ship company Carnival Corporation posted a 14% fall in first-quarter earnings and downgraded its annual guidance, after higher sales were offset by rising fuel costs and adverse currency movements.

Net income for the three months through March fell to $336m, or $0.48 per share, even as revenue rose 12% to $4.2bn.

'First-quarter earnings included revenue growth from higher capacity and improved onboard spending, offset by the timing of cost increases and a drag from fuel price and currency compared to the prior year,' chief executive Arnold Donald said.

First-quarter adjusted earnings of $0.49 were better than the mid-point of December guidance by $0.07 per share, he added.

For the full year, the company forecast adjusted earnings per share to be in the range of $4.35 to $4.55, compared to December guidance of $4.50 to $4.80.

'For the full year, our earnings guidance now reflects $155 million, or $0.22 per share, from fuel price and currency moving against us,' Donald said.

'Operationally, we continue to expect revenues and adjusted earnings per share improvements in line with our December guidance.' At 3:15pm: (LON:CCL) Carnival PLC share price was -343p at 3808p

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