Carnival Earnings: CCL Stock Dips 2% on Disappointing Q2

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Carnival (NYSE:CCL) earnings for the cruise company’s fiscal second quarter of 2020 have CCL stock dipping lower on Thursday. That’s due to its adjusted losses per share of $3.30 missing Wall Street’s estimate of $1.56-per-share loss. Its revenue of $700 million is also well below analysts’ estimates of $1.13 billion.

Carnival Earnings: CCL Stock Dips 2% on Disappointing Q2

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Here’s what else went wrong for Carnival during its most recent earnings report.

  • Adjusted per-share losses are down massively from adjusted EPS of 66 cents reported in fiscal Q2 2019.
  • Revenue for the quarter comes in 85.4% lower than the $4.8 billion reported during the same time last year.
  • The Carnival earnings also have it reporting a net loss of $4.4 billion.
  • That’s a major drop from the company’s net income of $451 million reported in the same period of the year prior.

Carnival includes this statement in its current earnings report.

“The company expects to resume guest operations, after collaboration with both government and health authorities, in a phased manner, with specific ships and brands returning to service over time to provide its guests with enjoyable vacation experiences. The company anticipates that initial sailings will be from a select number of easily accessible homeports. The company expects future capacity to be moderated by the phased re-entry of its ships, the removal of capacity from its fleet and delays in new ship deliveries.”

Carnival isn’t providing guidance in its fiscal Q2 earnings report. The company attributes this to the novel coronavirus keeping its business from operating properly. Plenty of other companies are also withholding outlooks at this time.

CCL stock was down 2% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/06/carnival-earnings-drop-ccl-stock-on-miss/.

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