Carnival (NYSE:CCL) stock was down on Monday despite reporting an earnings beat for its second quarter of 2018.
Carnival’s earnings report for the second quarter of the year includes earnings per share of 68 cents. This is better than its earnings per share of 52 cents from the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of 60 cents for the quarter.
During the second quarter of 2018, Carnival reported net income of $561 million. This is an increase over its net income of $379 million that was reported in its second quarter of the previous year.
Carnival’s operating income for the second quarter of the year came in at $559 million. The cruise line company’s operating income from the same time last year was $500 million.
Carnival also reported revenue of $4.36 billion for the second quarter of 2018. This is up from its revenue of $3.95 billion that was reported in the second quarter of 2017. It also just came in above analysts’ revenue estimate of $4.32 billion for the period.
While Carnival’s earnings report for the second quarter of the year beats out estimates, there is one section that lacks behind. The company’s outlook for the third quarter of the year isn’t as bright as Wall Street was hoping for.
Carnival says that it is expecting earnings per share for the third quarter of 2018 to range from $2.25 to $2.29. This would have it matching earnings per share from the third quarter of 2018 at the high end of its guidance. However, analysts are looking for earnings per share of $2.47 for that period.
CCL stock was down 8% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
