September 30, 2014 2:27 PM ET

Hotels, Restaurants and Leisure

Company Overview of Carnival Corporation

Company Overview

Carnival Corporation operates as a cruise company worldwide. It operates in two segments, North America; and Europe, Australia, & Asia. The company offers various cruise products and services through a fleet of 101 cruise ships under the brand names of Carnival Cruise Lines, Holland America Line, Princess Cruises, and Seabourn in North America; and AIDA Cruises, Costa, Cunard, Ibero Cruises, and P&O Cruises in Europe, Australia, and Asia. It also provides vacations to various cruise destinations; and owns and operates 11 hotels or lodges, and approximately 300 motorcoaches and 20 glass-domed railcars. The company sells its cruise services through travel agents, including wholesalers, general...

3655 NW 87th Avenue

Miami, FL 33178

United States

Founded in 1972

92,700 Employees

Phone:

305-599-2600

Key Executives for Carnival Corporation

Chief Executive Officer
Age: 59
Total Annual Compensation: $1.5M
Chief Financial Officer and Senior Vice President
Age: 56
Total Annual Compensation: $595.0K
Chief Executive Officer of Costa Crociere S.P.A. and Director of Costa Group
Age: 50
Total Annual Compensation: $924.0K
Chief Executive Officer of Carnival Cruise Lines and President of Carnival Cruise Lines
Age: 62
Total Annual Compensation: $798.3K
Special Adviser and Director
Age: 73
Total Annual Compensation: $803.4K
Compensation as of Fiscal Year 2013.

Carnival Corporation Key Developments

Carnival Corporation Reports Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended August 31, 2014; Provides Earnings Guidance for the Fourth Quarter of Fiscal 2014; Revised Earnings Guidance for the Full Year of Fiscal 2014

Carnival Corporation reported unaudited consolidated earnings and operating results for the third quarter and nine months ended August 31, 2014. The company posted third quarter non-GAAP net income of $1.2 billion, or $1.58 per diluted share, compared with the prior-year period's $1.1 billion, or $1.38. Non-GAAP EPS was $0.20 higher than the prior year, driven by improved net revenue yields worth $0.09, the 2% capacity increase, favorable exchange rate, improved fuel consumption and lower fuel prices. GAAP net income, which included net unrealized gains on fuel derivatives of $15 million, was $1.2 billion or $1.60 per diluted share compared with $934 million or $1.20 per diluted share in the same period last year. Revenue was $4.95 billion, up from $4.73 billion in the same quarter a year ago. Operating income was $1,298 million compared to $951 million reported a year ago. Income before income taxes was $1,247 million compared to $935 million reported a year ago. Cash from operations was $1,120 million compared to $803 million reported a year ago. Capital expenditures were $348 million compared to $364 million reported a year ago. Strong close-in demand and higher onboard spending helped drive significantly better than expected third quarter results and 15% year-over-year earnings improvement. For the nine months, the company’s revenues were $12.16 billion compared to $11.8 billion reported a year ago. Operating income was $1,525 million compared to $1,249 million reported a year ago. Income before income taxes was $1,340 million compared to $1,015 million reported a year ago. Net income was $1,338 million or $1.72 per diluted share compared to $1,012 million or $1.30 per diluted share reported a year ago. Non-GAAP net income was $1,315 million or $1.69 per diluted share compared to $1,197 million or $1.54 per diluted share reported a year ago. Cash from operations was $2,793 million compared to $2,359 million reported a year ago. Capital expenditures were $1,677 million compared to $1,812 million reported a year ago. For the quarter, the company reported net revenue per available lower berth day of 19,671,000, occupancy percentage of 109.1%, fuel consumption in metric tons of 797,000 and fuel consumption in metric tons per net revenue per available lower berth day of 0.041 compared to net revenue per available lower berth day of 19,248,000, occupancy percentage of 110.7%, fuel consumption in metric tons of 807,000 and fuel consumption in metric tons per net revenue per available lower berth day of 0.042 reported a year ago. For the nine months, the company reported net revenue per available lower berth day of 56,830,000, occupancy percentage of 104.8%, fuel consumption in metric tons of 2,400,000 and fuel consumption in metric tons per net revenue per available lower berth day of 0.042 compared to net revenue per available lower berth day of 55,220,000, occupancy percentage of 106.1%, fuel consumption in metric tons of 2,447,000 and fuel consumption in metric tons per net revenue per available lower berth day of 0.044 reported a year ago. The company expects non-GAAP diluted earnings for the fourth quarter 2014 to be in the range of $0.15 to $0.19 per share against 2013 non-GAAP earnings of $0.04 per share. Constant dollar net revenue yields are expected to be up 1.5% to 2.5% compared to the prior year. Based on the strength of third quarter net revenue yields and current booking trends, the company has increased its expectations for full year 2014 net revenue yields on a constant dollar basis to be in line with the prior year, from its previous guidance of down slightly. Excluding fuel, the company expects full year net cruise costs per ALBD to be slightly higher compared to the prior year on a constant dollar basis. Taking the above factors into consideration, the company has increased its forecast for full year 2014 non-GAAP diluted earnings per share to be in the range of $1.84 to $1.88, better than both June guidance of $1.60 to $1.75 and 2013 non-GAAP diluted earnings per share of $1.58.

Carnival Corporation COO Alan Buckelew Expands Role, Relocating to China to Lead the Company's Growing Chinese Operations

Carnival Corporation & plc announced Alan Buckelew, Chief Operations Officer, will be expanding his leadership role by relocating to China to more closely oversee the company's growing operations in the country. Buckelew's experience in Asia is extensive, previously serving as the CEO of Princess Cruises before taking on the assignment of Chief Operations Officer for Carnival Corporation & plc. In his expanded role, he will lead all of the company's initiatives in China, while also continuing to provide oversight of all maritime and port operations around the world and a number of related functions as part of his COO role. This past May, the company announced Costa Serena will deploy year-round in China next year, making Carnival Corporation the first global cruise company with four ships based in China, one of the world's fastest-growing cruise markets. Costa Cruises plans to debut Costa Serena in Shanghai in April 2015, where it will join Costa Victoria and Costa Atlantica, sister ships already deployed in China. The move will increase Costa's overall capacity in Asia by 74%.

Carnival Corporation to Report Q3, 2014 Results on Sep 23, 2014

Carnival Corporation announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Sep 23, 2014

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