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Carnival profit misses consensus by 38.5% in fiscal Q3

Carnival Corp. said its normalized net income for the fiscal third quarter ended Aug. 31 came to $1.00 per share, compared with the S&P Capital IQ consensus estimate of $1.63 per share.

In the prior-year period, the per-share result was a profit of 100 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $781.3 million, compared with $775.6 million in the prior-year period.

The normalized profit margin increased to 16.0% from 15.7% in the year-earlier period.

Total revenue fell on an annual basis to $4.88 billion from $4.95 billion, and total operating expenses declined from the prior-year period to $3.57 billion from $3.64 billion.

Reported net income decreased on an annual basis to $1.22 billion, or $1.56 per share, from $1.24 billion, or $1.60 per share.