Yesterday, Carnival reported its Q3 results with diluted EPS of $1.33 nicely ahead of consensus estimates of $1.18, though considerably lower than $1.65 achieved in Q3 last year. EPS guidance for FY09 has been increased marginally to a range of $2.16 to $2.20. Booking volumes for the remainder of FY09 and the first half of 2010 are running 19% ahead of last year’s economically affected environment. Importantly the group is experiencing an extension of the booking window as customers realise that best value can be achieved by booking early. As recovery is on the horizon, we believe the group is well placed to return to consensus 15% long-term growth rate.

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