Carnival Corp. & PLC on Sept. 26 further lowered its adjusted EPS outlook for fiscal 2019 despite reporting earnings that surpassed analysts' expectations in the third quarter.
The cruise operator said it now expects adjusted EPS for the full year to range between $4.23 and $4.27, versus its previous guidance of $4.25 to $4.35. The trim marked the third time Carnival lowered its earnings guidance since offering an initial adjusted EPS target in December.
Carnival attributed the cut to an increase in fuel prices, voyage disruptions due to weather, tensions in the Arabian Gulf, delays in ship delivery and changes in currency exchange rates.
For the three months to Aug. 31, the company reported adjusted EPS of $2.63, up from $2.36 in the year-ago period and above the S&P Global Market Intelligence consensus normalized EPS estimate of $2.54.
Adjusted net income was $1.82 billion, versus $1.67 billion in the third quarter of 2018.
Total revenue increased year over year to $6.53 billion from $5.84 billion, driven by growth across all business segments.
Shares in Carnival slid 8.8% in afternoon trading Sept. 26 to $43.84.
