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CURRENT ISSUE

ARM MERCHANT SHIPS?
Should merchant ships transiting high risk areas carry small arms for defense against pirates?

Selected crew should be trained and have guns available
Professional armed security teams should be hired
No guns on merchant ships, ever

September 22, 2009

Carnival nets $1.1 billion in third quarter

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) reported net income of $1.1 billion, or $1.33 diluted EPS, on revenues of $4.1 billion for its third quarter ended August 31, 2009. Net income for the third quarter of 2008 was $1.3 billion, or $1.65 diluted EPS, on revenues of $4.8 billion.

"Given the global economic environment earning more than $1 billion this quarter was quite an achievement and is a testament to the power of our global brands," commented Micky Arison, Carnival Corporation & plc Chairman and CEO. "Our net income for the quarter exceeded our previous guidance, as a result of better than expected pricing on close-in bookings worldwide during the seasonally strong summer period."

Outlook

Since June, booking volumes for the remainder of 2009 and the first half of 2010 are running 19 percent ahead of the prior year. Although occupancy levels are catching up with last year they are still slightly behind, with ticket prices for these bookings also at lower levels.

"While the environment for travel remains challenging, we are encouraged by the strength we have had in booking volumes throughout the year," said Mr. Arison, adding that "for consumers, the value proposition has never been greater than it is now, so prospective vacationers looking for the best price should act quickly."

Based primarily on the strength in the third quarter, the company now expects full year net revenue yields, on a constant dollar basis, to decrease 10 percent, at the better end of its previous guidance range of down 10 to 12 percent. The company forecasts a 14 percent decline in net revenue yields on a current dollar basis for the full year 2009 compared to 2008 caused by unfavorable movements in currency exchange rates.

The company continues to expect net cruise costs excluding fuel for the full year 2009 to be in line with the prior year on a constant dollar basis. Based on current spot prices for fuel, forecasted fuel costs for the full year have increased $40 million since the previous guidance, costing $0.05 per share. This has been partially offset by favorable movements in currency exchange rates worth $0.03 per share.

Taking all the above factors into consideration, the company now forecasts full year 2009 earnings per share to be in the range of $2.16 to $2.20, compared to its previous guidance range of $2.00 to $2.10.

Fourth Quarter 2009

Fourth quarter constant dollar net revenue yields are expected to decline in the 11 to 13 percent range (down 9 to 11 percent on a current dollar basis). Net cruise costs excluding fuel, for the fourth quarter are expected to be down slightly compared to the prior year on a constant dollar basis.

Based on current fuel prices and currency exchange rates, the company expects earnings for the fourth quarter of 2009 to be in the range of $0.16 to $0.20 per share, down from $0.47 per share in 2008.


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