Carnival Corporation & plc Revises Impact for Second Half of 2011 from Itinerary Disruptions in the Middle East, North Africa and Japan
MIAMI (June 13, 2011) – Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) expects the revised impact from the prolonged conflicts in the Middle East and North Africa region, as well as the earthquake and nuclear disaster in Japan, which combined resulted in over 300 deployment changes, will cost the company an additional $0.15 per share for the second half of 2011. In addition, the increases in fuel prices net of currency exchange rates will cost the company approximately $0.05 per share in the second half of the year.
In its March guidance, the company underestimated the full impact of these events on its second half earnings. The March guidance occurred just one week after substantially all the itinerary changes resulting from these events were announced and only days after the Japanese earthquake. The company has also experienced softness in bookings for the Southern Europe and UK markets, which will result in reduced revenues costing an additional $0.05 per share for the second half of 2011. However, the company expects to offset the effect of this $0.05 per share in other cost areas of the business. Revenue performance for the North American brands remains strong and the company continues to expect sequential improvement in the second half of the year.
The company will announce second quarter results and more details of its 2011 full year guidance (updated for current spot prices for fuel and exchange rates) in its regularly scheduled earnings release and conference call to be held on June 21, 2011.
Carnival Corporation & plc is the largest cruise vacation group in the world, with a portfolio of cruise brands in North America, Europe, Australia and Asia, comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises (UK) and P&O Cruises (Australia).
Together, these brands operate 100 ships totaling approximately 197,000 lower berths with eight new ships scheduled to be delivered between now and March 2015. Carnival Corporation & plc also operates Holland America Princess Alaska Tours, the leading tour company in Alaska and the Canadian Yukon. Traded on both the New York and London Stock Exchanges, Carnival Corporation & plc is the only group in the world to be included in both the S&P 500 and the FTSE 100 indices.
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Carnival Corporation & plc
Beth Roberts
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