Carnival Profit Up 23% on Trip Price Increase
Cruise operator Carnival Corp. said fiscal second-quarter profit rose 23% as high demand allowed it to boost prices. Earnings beat analysts’ estimates, sending the shares to their biggest gain since 2003.
Net income climbed to $409 million, or 49 cents a share, in the quarter ended May 31 from $332 million, or 40 cents, a year earlier. Revenue rose 12% to $2.52 billion.
Higher fares helped outweigh cost increases including a 35% jump for fuel. The company restored the 3 cents a share that it cut from the year’s profit forecast in April.
Shares of Miami-based Carnival rose $2.31 to $54.33.
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