Carnival reports higher earnings

MIAMI (HawaiiNewsNow) - Carnival Corp., world's largest cruise conglomerate, reports a $248 million profit for the fourth quarter, up 28% from the same period last year.

With the global economy slowly recovering, Carnival said Wednesday its quarterly revenue was up from last year by $200 million.

"An encouraging year," CEO Micky Arison said, noting that the full year saw 7% higher revenue - $14.5 billion - and 11% higher profits. The fourth quarter profit, however, was still slightly short of consensus expectations on Wall Street.

Carnival's fourth quarter at a glance:

  • Revenue: $3.5 billion. Year ago: $3.3 billion.
  • Net income: $248 million. Year ago: $193 million.
  • Per share: 31 cents. Year ago: 24 cents.

Apart from its eponymous brand, Carnival owns Holland America, Princess Cruises, Cunard Line and other cruise brands.

The company has about two thirds of the global cruise market. Royal Caribbean Cruises Ltd. is the second biggest player in the industry and Star Cruise, parent of NCL, is third.

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