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Carnival Corporation & plc Reports Q4 Results and Record Full Year Earnings

Carnival Corporation & plc reported net income for its fourth quarter ended November 30, 2007 of $358 million, or $0­.44 diluted EPS, compared to net income of $416 million, or $0.51 diluted EPS, for the fourth quarter 2006. Revenues for the fourth quarter 2007 increased to $3.1 billion from $2.8 billion for the fourth quarter 2006.

The company reported record net income for the full year ended November 30, 2007 of $2.4 billion, or $2.95 diluted EPS, compared to net income of $2.3 billion, or $2.77 diluted EPS, for the prior year. Revenues for the full year 2007 increased to $13.0 billion from $11.8 billion for the prior year.

Carnival Corporation & plc Chairman and CEO Micky Arison said that fourth quarter results came in at the high end of the company’s guidance as stronger pricing on close-in bookings was partially offset by higher than expected fuel costs.

“Our brands enjoyed strong yield growth in our fourth quarter as the continued recovery of Caribbean business led to higher yields for our North American brands while our European brands were bolstered by the stronger Euro and Sterling. However, continually rising fuel costs and the expected higher dry-dock costs held back our fourth quarter performance,” Arison said.

Commenting on the full year results Arison noted, “Our European brands enjoyed another record year absorbing substantial new capacity and driving significant improvement in unit operating profit. Although operating performance for our North American brands was hampered by pricing pressure in the Caribbean early in the year, demand for Caribbean cruises strengthened considerably as the year progressed and we expect this trend to continue into 2008. Despite the continuing increases in fuel costs throughout the year, we still managed a six percent improvement in earnings over 2006.”

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