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Tuesday, December 19, 2017

Carnival (CCL) reported earnings on Tue 19 Dec 2017 (b/o)

** charts after earnings **

Carnival beats by $0.12, beats on revs; guides Q1 EPS below consensus; guides FY18 mid-point below consensus 
  • Reports Q4 (Nov) earnings of $0.63 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $0.51; revenues rose 8.2% year/year to $4.26 bln vs the $4.15 bln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees EPS of $0.37-0.41, excluding non-recurring items, vs. $0.47 Capital IQ Consensus Estimate.
  • Co issues guidance for FY18, sees EPS of $4.00-4.30, excluding non-recurring items, vs. $4.28 Capital IQ Consensus Estimate.
  • Adjusted net income excludes unrealized gains and losses on fuel derivatives and other net charges, totaling $94 million in net gains for 4Q 2017 and $118 million of net gains for 4Q 2016. Gross revenue yields increased 6.8 percent.
  • In constant currency, net revenue yields increased 4.2 percent for 4Q 2017, better than September guidance of up 1.5 to 2.5 percent. Changes in fuel prices (including realized fuel derivatives) and currency exchange rates decreased earnings by $0.03 per share. As a result of higher fuel prices, forecasted fuel costs for the full year 2018 are expected to increase approximately $117 million compared to the prior year, net of realized fuel derivatives, reducing earnings by $0.16 per share.
  • Q1 Guidance Details: Net cruise costs excluding fuel per ALBD in constant currency for the first quarter of 2018 are expected to increase by approximately 2.0 to 3.0 percent compared to the prior year.
  • FY18 Guidance Details: "Despite booking disruptions from this year's multiple hurricanes, we are still heading into 2018 with a stronger base of business and higher prices than last year. We have numerous efforts underway to keep the momentum going in 2018 and beyond, from our innovative approaches to increase consideration for cruising, including our recently announced partnership with Univision, to the further roll-out of our state-of-the-art revenue management system. In 2018 we also look forward to the delivery of four new cutting-edge ships, Carnival Horizon, Seabourn Ovation, AIDAnova, and Nieuw Statendam to further our strategic fleet enhancement program." 

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