<p>Carnival Corporation (NYSE: CCL) earnings for the first quarter of 2020 have CCL shares rising on Tuesday afternoon. This comes after reported revenue of $ 4.8 billion hit the Wall Street estimate of $ 4.7 billion. However, the cruise line’s reported adjusted earnings per share (EPS) of 22 cents is below analysts’ expectations of adjusted earnings per share of 27 cents for the quarter.
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Here’s what’s worth mentioning from the latest Carnival results report.
Adjusted earnings per share decreased by 55.1% from 49 cents during the fourth quarter of 2018. Revenue for the quarter increased by 2.13% compared to $ 4.7 billion during the same period last year. The Carnival earnings report also includes a net profit of $ 150 million. That’s 55.62% better than $ 338 million from the fourth quarter of 2018.
In addition, here is important information from the Carnival results report:
“The effect of COVID-19 on the net loss for the first quarter of 2020 is approximately $ 0.23 per share, which includes interrupted travel and other disruptions. … Other previously revealed travel disruptions, which were noted during the company’s conference call in December, also affected earnings for the first quarter of 2020 by approximately $ 0.12 per share. ”
The Carnival results report does not provide guidance, but we know what Wall Street is looking for. Analysts’ expectations for the 2020 financial year are for EPS $ 2.43 on revenue of $ 19.01 billion.
The CCL share increased by more than 15% as of Tuesday afternoon.
Nick Clarkson is the web editor at InvestorPlace. At the time of writing, he had no position in any of the above-mentioned securities.