Yesterday, Carnival reported its Q2 results with diluted EPS of $0.33 slightly ahead of consensus estimates of $0.30, though considerably lower than $0.49 achieved in Q2 last year. While EPS guidance for Q3 and FY09 has been tweaked down marginally to a range of $2.00-2.10, management says that cruise pricing and yields are starting to improve. Overall the group appears to be riding out, in good shape, the economic storm and the swine flu squall. The impact of the latter remains around 10 cents for the full year. Access to capital in difficult credit markets continues favourably with a further $1.7bn completed since the end of Q1.

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