Shares of Carnival Corp. & PLC opened 7% up on Dec. 20 after posting earnings that exceeded analysts' expectations for the fourth quarter.

For the three months to Nov. 30, the cruise operator's adjusted diluted EPS came in at 62 cents, down from 70 cents in the year-ago period but above the S&P Global Market Intelligence consensus normalized EPS estimate 51 cents.

Carnival reported that adjusted net income was $427 million, compared to $492 million in the fourth quarter of 2018.

Revenue increased year over year to $4.78 billion from $4.46 billion. At constant currency, net cruise revenue rose 0.5% to $3.7 billion.

For the full year, the company said its adjusted EPS amounted to $4.40, versus $4.26 in 2018. It beat the S&P Global Market Intelligence consensus normalized EPS estimate of $4.27.

Carnival expects its adjusted EPS for fiscal 2020 to range between $4.30 and $4.60. The company also forecast its revenue to grow about 5% at constant currency, with a 6.6% increase in capacity growth.

For the first quarter, the company anticipates adjusted EPS to come in at 47 cents to 51 cents.