Carnival Corporation reports lower Q3 results
The world’s biggest cruise company, Carnival Corporation, has announced that its third quarter (Q3) results are down on the same period last year.
The firm, which had revenues of US$5.1 billion in Q3 2011, has made US$4.7bn in Q3 2012.
However, despite the decrease, Carnival chairman and CEO Micky Arison said that results were better than expected.
“The significant efforts of our brand management teams were successful in partially mitigating the decline in cruise ticket prices,” he explained. “Onboard revenue yields (constant dollars excluding Costa) improved three percent during the quarter. Our brand managements’ continued focus on cost containment contributed to a three percent reduction in cruise costs (constant dollars excluding fuel) as well as a six percent reduction in fuel consumption on a unit basis.”
Arison also noted that the company repurchased US$67 million of shares during the third quarter, totalling two million, to convey the firm’s commitment to returning excess free cash flow to investors.