The operator of the Costa Concordia cruise ship, which struck rocks and partially sank off Italy last year, killing 32 people, agreed to pay a $1.3-million fine to avoid a possible criminal trial. A judge in Tuscany accepted the plea agreement for Costa Crociere, a division of Miami-based Carnival Corporation, in connection with the shipwreck off the island of Giglio in January 2012. The company will not face trial, but a hearing is scheduled to determine whether six of the firm's employees including the vessel's captain, Francesco Schettino, who is accused of steering the vessel onto the rocks must stand trial on charges that include manslaughter. The company has blamed Schettino for the disaster. Schettino is accused of ramming the Costa Concordia into the coast of Giglio during an attempt to sail close to the island, a practice called taking a bow. Costa Crociere still faces civil lawsuits by the relatives of passengers who drowned, as well as by survivors who have turned down the firm's starting offer of about $14,400 per person in compensation. The plea agreement means Costa Crociere may pursue legal action as an injured party. It has said it will seek payment of damages for the loss of the ship.

Carnival Corporation announced unaudited consolidated earnings results for the first quarter ended February 28, 2013. For the quarter, the company reported revenues of $3,593 million compared to $3,582 million a year ago. Operating income was $145 million compared to operating loss of $82 million a year ago. Income before income taxes was $39 million compared to loss before income taxes of $141 million a year ago. Net income was $37 million or $0.05 per basic and diluted share compared to net loss of $139 million or $0.18 per basic and dilute share a year ago. Non-GAAP earnings per share-diluted was $0.08 compared to $0.02 a year ago. Non-GAAP net income was $65 million compared to $13 million a year ago. The company revised earnings guidance for the full year 2013. Full year earnings guidance has been revised to a range of $1.80 to $2.10 per share or a midpoint of $1.95. The $0.35 per share reduction from original December guidance is comprised of $0.10 of costs for the Triumph incident, including repair costs and estimated revenue loss from canceled sailings. The capex is expected to be $800-plus million. The company now expects full year net revenue yields, on a constant dollar basis to be in line with the prior year compared to up 1% to 2% in the December guidance. The company continue to expect over $3 billion of cash from operations this year and remain committed to returning free cash flow to shareholders in 2013 and beyond. For the second quarter of 2013, the company expects non-GAAP diluted earnings in the range of $0.04 to $0.08 per share versus 2012 non-GAAP earnings of $0.20 per share.

A federal lawsuit has been filed against seeking damages for 17 people who were passengers last month on the crippled Carnival Triumph cruise ship. The plaintiffs in the suit filed are all Texas residents who claim they were physically harmed and fearful for their lives. The ship cruises out of the Port of Galveston. The suit is at least the fourth to be filed against Carnival Cruise Lines. A prior one is seeking class-action status for more than 3,000 passengers aboard when an engine fire cut off all power and left them at sea for five days. Passengers say they endured food shortages, raw sewage running in corridors and tent cities for sleeping on deck. The latest suit argues that Carnival overreaches in protecting itself against liability.