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Carnival profit falls but tops estimates

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The Associated Press

Published: September 23, 2009

CHICAGO - Cruise operator Carnival Corp. said increased summer bookings from last-minute getaway seekers combined with falling fuel costs to help it beat third-quarter profit forecasts.

But profit still fell from the same period last year for the owner of the Carnival, Princess and Holland America cruise lines.

For the three months that ended Aug. 31, the Miami-based company earned $1.07 billion, or $1.33 share. That's down 19.5 percent from $1.33 billion, or $1.65 per share, in last year's third quarter.

Revenue fell 14 percent to $4.14 billion, down from $4.81 billion in the same period of 2008.
Carnival said its fuel costs fell almost 40 percent for the quarter, compared with the same period in 2008. And bookings for the rest of the year and through the first half of 2010 are up nearly 20 percent.

The company also said travelers were beginning to make reservations further in advance. Last-minute purchases have been the standard for months.

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