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Carnival Earnings Decline

|Includes:Carnival Corporation (CCL)

Originally published at www.seclive.com

Filing in Focus: Carnival 8-K, September 24, 2013

Carnival Corporation (NYSE:CCL) announced its financial results for the third quarter of fiscal year 2013, reporting earnings and revenue declines. The company has been desperately trying to find the public's image of the company following the Costa Concordia incident that killed 32 people as well as the engine room fire aboard the Carnival Triumph in February that stranded 3,000 people in the Gulf of Mexico. Carnival revenues increased 1% to $4.73B and also had $203M in asset write-downs related to two of its smaller Costa vessels. Earnings fell 30% from a year ago this quarter from $1.33B and $1.71 earnings per share to $934M, or $1.20 per share. The company is also spending $600M to $700M to upgrade and update its fleet while also introducing customer incentives. New CEO Arnold Donald commented that Carnival is seeing an incremental improvement to its brand and expects to continue facing that challenge while capitalizing on opportunities to further shareholder value.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: CCL