Carnival 3Q earnings dip, but beat forecasts

September 18, 2008 8:43:38 AM PDT
Carnival, the world's largest cruise operator, says fiscal third-quarter earnings dipped 3 percent, but beat Wall Street's forecast due to lower costs and an insurance gain. The company also raised its 2008 guidance.

Profit for the quarter ended Aug. 31 fell to $1.33 billion, or $1.65 per share, from $1.38 billion, or $1.67, a year ago. Higher fuel prices cost the Miami-based company 28 cents per share.

Revenue gained 11 percent to $4.81 billion from $4.32 billion a year earlier.

Analysts surveyed by Thomson Reuters had forecast earnings of $1.58 per share on revenue of $4.84 billion.

Carnival raised its outlook for 2008 earnings per share to a range of $2.79 to $2.81, from its previous forecast of $2.70 to $2.80. The new guidance is well above analysts' average estimate of $2.75.