Carnival stock was down on Thursday despite the company reporting an earnings beat for its fiscal third quarter of 2018.
Carnival (NYSE:CCL) reported earnings per share of $2.36 for its fiscal third quarter of the year. This is an increase over the company’s earnings per share of $2.29 reported in its fiscal third quarter of 2017. It also beat out Wall Street’s earnings per share estimate of $2.29 for the period, but couldn’t keep Carnival stock from falling today.
Net income reported by Carnival for its fiscal third quarter of 2018 came in at $1.71 billion. This is better than the company’s net income of $1.33 billion that was reported in the same period of the year prior.
Carnival’s operating income for the third quarter of the year was $1.79 billion. The cruise line company’s operating income from its fiscal third quarter of the previous year was $1.39 billion.
During its fiscal third quarter of 2018, Carnival reported revenue of $5.84 billion. This is up from the company’s revenue of $5.52 billion that was reported during the same time last year. Just like with its earnings per share, this beats analysts’ revenue estimate $5.81 billion for the quarter, but couldn’t save Carnival stock.
What is likely dragging Carnival stock down today is the outlook for its fiscal fourth quarter of 2018. The company says it is expecting earnings per share for the quarter to range from 65 cents to 69 cents. Wall Street, on the other hand, is expecting earnings per share for the quarter to be 73 cents.
CCL stock was down 4% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
