Carnival Corporation (NYSE:CCL) earnings for the third quarter of fiscal year 2020 have CCL stock falling on Thursday morning. This comes after reporting revenue of $31 million, which is worse than Wall Street’s estimate of $71.18 million. The company also reported adjusted losses per share of $2.19, while analysts were expecting a $2.20-loss for the quarter.
The company also reported GAAP per-share losses of $3.69 for the period.
Here is what else is worth mentioning from the most recent Carnival earnings report.
- Adjusted losses per share are much worse than earnings per share (EPS) of $2.63 during Q3 2019.
- Revenue for the quarter comes way lower compared to $6.53 billion during the same time last year.
- Operating loss of $2.33 billion is not great year-over-year next to operating income of $1.89 billion.
- The Carnival earnings report also includes a net loss of $2.86 billion.
- That’s way worse than $1.78 billion from the third quarter of 2019.
Arnold Donald, CEO of Carnival, had this to say about the CCL stock earnings:
“Just six months after we paused cruise operations across our global fleet, this past weekend, we successfully completed our first seven day cruise on our Italian brand Costa. Soon a second of our nine World’s Leading Cruise Lines’ brands will resume guest operations, our German sourced brand AIDA. Our business relies solely on leisure travel which we believe has historically proven to be far more resilient than business travel and cannot be easily replaced with video conferencing and other means of technology. Our portfolio includes many regional brands which clearly position us well for a staggered return to service in the current environment.”
The Carnival earnings report does not include guidance, but we know what Wall Street is looking for. Analyst expectations for the rest of FY2020 include losses per share of $7.34 on revenues of $6.06 billion.
CCL stock was down about 2.6% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a Web Editor at InvestorPlace.