Carnival executives generally attributed the Q3 2013 results to occupancy and pricing for Carnival Cruise Lines still being down in North America, but expected to recover by the second half of 2014.  (photo: Sergio Ferreira)Carnival Corporation reported net income of $934 million, or $1.20 per share, on revenues of $4.7 billion for its third quarter ended Aug. 31, 2013, compared to net income of $1.3 billion, or $1.71 per share, on revenues of $4.7 billion last year.

The numbers translate into net income of $43.83 per passenger cruise day and $1,249 for the average cruise ticket for Q3 2013, down from $64.49 and $1,270 last year.

These numbers are also down significantly from net income per passenger day hitting a high of $87.59 in 2007 and average ticket prices reaching more than $1,575 in 2008.

Carnival executives generally attributed the Q3 2013 results to occupancy and pricing for Carnival Cruise Lines still being down in North America, but expected to recover by the second half of 2014. Meanwhile, Costa Crociere is going through a recovery period in Europe. Also cited was the lingering economic turn-around in Europe.

The outlook for 2014 is also somber with advance bookings running behind and pricing in line with this year. While Carnival executives cited that further savings are expected, the brands will be investing more in food, entertainment and drydock costs, thus most likely increasing net costs (excluding fuel) next year. The Carnival brand is also increasing is marketing costs, including travel agent bonuses.

Howard Frank, vice chairman and COO, said that 2013 has been a challenging year for Carnival Corporation, pegging future growth on Asia. He said he believes that emerging markets offer significant business opportunities for the future. So far, the company has three ships dedicated to Asia, in addition to five ships dedicated to Australia, out of its 102-ship fleet.