Carnival Cruise Lines Tumbles Midday on Weak Guidance
Published Mar 26, 2019 11:39AM ET
Investing.com - Cruise line company Carnival fell sharply in midday trading after the company issued weak profit guidance.
Carnival (NYSE:CCL) shares fell 8%, while the S&P 500 consumer discretionary sector rose 0.7%.
Reporting earnings before the bell, Carnival said it earned 49 cents per share in its fiscal first quarter on revenue of $4.67 billion. Both numbers topped analyst forecasts compiled by Investing.com.
But looking ahead to its fiscal second quarter, the company said it expects a profit of 56 to 60 cents per share, below current estimates of 73 cents per share according to S&P Capital IQ.
The cruise line blamed “(c)hanges in fuel prices and currency exchange rates” in its press release.
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Written By: Investing.com
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