REG - Carnival PLC - Final Results <Origin Href="QuoteRef">CCL.L</Origin> - Part 5
29/01/2018 14:40
- Part 5: For the preceding part double click ID:nRSc2341Dd
$ 49.73 £ 44.62 £ 38.63 $ 56.33 $ 49.44
2016
Fourth Quarter $ 53.27 $ 44.11 £ 41.77 £ 32.98 $ 52.77 $ 44.60
Third Quarter $ 50.00 $ 42.94 £ 37.13 £ 30.75 $ 52.20 $ 43.45
Second Quarter $ 53.21 $ 45.74 £ 38.14 £ 33.27 $ 54.56 $ 47.42
First Quarter $ 55.77 $ 40.52 £ 39.55 £ 29.17 $ 58.08 $ 42.45
As of November 30, 2017, there were 3,296 holders of record of Carnival Corporation common stock and 30,055 holders of
record of Carnival plc ordinary shares and 112 holders of record of Carnival plc ADSs. The past performance of our share
prices cannot be relied on as a guide to their future performance.
All dividends for both Carnival Corporation and Carnival plc are declared in U.S. dollars. If declared, holders of Carnival
Corporation common stock and Carnival plc ADSs receive a dividend payable in U.S. dollars. The dividends payable for
Carnival plc ordinary shares are payable in sterling, unless the shareholders elect to receive the dividends in U.S.
dollars. Dividends payable in sterling will be converted from U.S. dollars into sterling at the U.S. dollar to sterling
exchange rate quoted by the Bank of England in London at 12:00 p.m. on the next combined U.S. and UK business day that
follows the quarter end.
The payment and amount of any future dividend is within the discretion of the Boards of Directors. Our dividends were and
will be based on a number of factors, including our earnings, liquidity position, financial condition, tone of business,
capital requirements, credit ratings and the availability and cost of obtaining new debt. We cannot be certain that
Carnival Corporation and Carnival plc will continue their dividend in the future, and if so, the amount and timing of such
future dividends are not determinable and may be different than prior declarations.
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Our revenues from the sale of passenger tickets are seasonal. Historically, demand for cruises has been greatest during our
third quarter, which includes the Northern Hemisphere summer months. This higher demand during the third quarter results in
higher ticket prices and occupancy levels and, accordingly, the largest share of our operating income is earned during this
period. The seasonality of our results also increases due to ships being taken out-of-service for maintenance, which we
schedule during non-peak demand periods. In addition, substantially all of Holland America Princess Alaska Tours' revenue
and net income is generated from May through September in conjunction with the Alaska cruise season. The quarterly data
below, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary
for a fair statement of the results for the unaudited interim periods.
2017 Quarters Ended
(in millions, except per share data) February 28 May 31 August 31 November 30
Revenues $ 3,791 $ 3,945 $ 5,515 $ 4,259
Operating income $ 368 $ 500 $ 1,393 $ 548
Net income $ 352 $ 379 $ 1,329 $ 546
Earnings per share
Basic $ 0.48 $ 0.52 $ 1.84 $ 0.76
Diluted $ 0.48 $ 0.52 $ 1.83 $ 0.76
Adjusted net income (a) $ 279 $ 378 $ 1,659 $ 452
Adjusted earnings per share - diluted (a) $ 0.38 $ 0.52 $ 2.29 $ 0.63
Dividends declared per share $ 0.35 $ 0.40 $ 0.40 $ 0.45
(a) Adjusted net income and adjusted fully diluted earnings per share were computed as follows:
2017 Quarters Ended
(in millions, except per share data) February 28 May 31 August 31 November 30
Net income
U.S. GAAP net income $ 352 $ 379 $ 1,329 $ 546
Unrealized (gains) losses on fuel derivatives, net (72 ) 2 (65 ) (93 )
(Gains) losses on ship sales and impairments - (4 ) 392 (1 )
Restructuring expenses - - 3 -
Other (1 ) 1 - -
Adjusted net income $ 279 $ 378 $ 1,659 $ 452
Weighted-average shares outstanding 728 727 726 722
Earnings per share
U.S. GAAP earnings per share $ 0.48 $ 0.52 $ 1.83 $ 0.76
Unrealized (gains) losses on fuel derivatives, net (0.10 ) - (0.09 ) (0.13 )
(Gains) losses on ship sales and impairments - - 0.55 -
Restructuring expenses - - - -
Other - - - -
Adjusted earnings per share $ 0.38 $ 0.52 $ 2.29 $ 0.63
2016 Quarters Ended
(in millions, except per share data) February 29 May 31 August 31 November 30
Revenues $ 3,651 $ 3,705 $ 5,097 $ 3,935
Operating income $ 434 $ 478 $ 1,562 $ 597
Net income $ 142 $ 605 $ 1,424 $ 609
Earnings per share
Basic $ 0.18 $ 0.81 $ 1.93 $ 0.84
Diluted $ 0.18 $ 0.80 $ 1.93 $ 0.83
Adjusted net income (a) $ 301 $ 370 $ 1,417 $ 491
Adjusted earnings per share - diluted (a) $ 0.39 $ 0.49 $ 1.92 $ 0.67
Dividends declared per share $ 0.30 $ 0.35 $ 0.35 $ 0.35
(a) Adjusted net income and adjusted fully diluted earnings per share were computed as follows:
2016 Quarters Ended
(in millions, except per share data) February 29 May 31 August 31 November 30
Net income
U.S. GAAP net income $ 142 $ 605 $ 1,424 $ 609
Unrealized losses (gains) on fuel derivatives, net 145 (242 ) (25 ) (115 )
(Gains) losses on ship sales and impairments (2 ) - - -
Restructuring expenses - 2 - -
Other 16 5 18 (3 )
Adjusted net income $ 301 $ 370 $ 1,417 $ 491
Weighted-average shares outstanding 769 753 739 729
Earnings per share
U.S. GAAP earnings per share $ 0.18 $ 0.80 $ 1.93 $ 0.83
Unrealized losses (gains) on fuel derivatives, net 0.19 (0.32 ) (0.03 ) (0.16 )
(Gains) losses on ship sales and impairments - - - -
Restructuring expenses - - - -
Other 0.02 0.01 0.02 -
Adjusted earnings per share $ 0.39 $ 0.49 $ 1.92 $ 0.67
SCHEDULE C
Issuer Purchases of Equity Securities; Use of Proceeds from Registered Securities
I. Repurchase Program
Under a share repurchase program effective 2004, we are authorized to repurchase Carnival Corporation common stock and
Carnival plc ordinary shares (the "Repurchase Program"). On April 6, 2017, the Boards of Directors approved a modification
of the general authorization under the Repurchase Program, which replenished the remaining authorized repurchases at the
time of the approval to $1.0 billion. The Repurchase Program does not have an expiration date and may be discontinued by
our Boards of Directors at any time.
During the three months ended November 30, 2017, repurchases of Carnival Corporation common stock pursuant to the
Repurchase Program were as follows:
Period Total Number of Shares of Carnival Corporation Common Stock Purchased (in millions) Average Price Paid per Share of Carnival Corporation Common Stock Maximum Dollar Value of Shares That May Yet Be Purchased Under the Repurchase Program (in millions)
September 1, 2017 through September 30, 2017 0.8 $ 66.31 $ 760
October 1, 2017 through October 31, 2017 0.1 $ 66.25 $ 673
November 1, 2017 through November 30, 2017 0.1 $ 64.87 $ 587
1.0 $ 66.23
$
66.23
During the three months ended November 30, 2017, repurchases of Carnival plc ordinary shares pursuant to the Repurchase
Program were as follows:
Period Total Number of Shares of Carnival plc Purchased (in millions) Average Price Paid per Share of Carnival plc Maximum Dollar Value of Shares That May Yet Be Purchased Under the Repurchase Program (in millions)
September 1, 2017 through September 30, 2017 0.2 $ 64.41 $ 760
October 1, 2017 through October 31, 2017 1.2 $ 65.20 $ 673
November 1, 2017 through November 30, 2017 1.3 $ 65.44 $ 587
2.7 $ 65.24
$
65.24
No shares of Carnival Corporation common stock or Carnival plc ordinary shares were purchased outside of publicly announced
plans or programs.
II. Stock Swap Programs
In addition to the Repurchase Program, we have programs that allow us to obtain an economic benefit when either Carnival
Corporation common stock is trading at a premium to the price of Carnival plc ordinary shares or Carnival plc ordinary
shares are trading at a premium to Carnival Corporation common stock (the "Stock Swap Programs"). For example:
Ÿ In the event Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to sell
shares of Carnival Corporation common stock, at prevailing market prices in ordinary brokers` transactions and repurchase
an equivalent number of Carnival plc ordinary shares in the UK market.
Ÿ In the event Carnival plc ordinary shares trade at a premium to Carnival Corporation common stock, we may elect to
sell ordinary shares of Carnival plc, at prevailing market prices in ordinary brokers` transactions and repurchase an
equivalent number of shares of Carnival Corporation common stock in the U.S.
Any realized economic benefit under the Stock Swap Programs is used for general corporate purposes, which could include
repurchasing additional stock under the Repurchase Program.
Under the Stock Swap Programs effective 2008, the Boards of Directors have made the following authorizations:
*
In January 2017, to sell up to 22.0 million of Carnival Corporation common stock in the U.S. market and repurchase up to
22.0 million of Carnival plc ordinary shares in the UK market.
*
In February 2016, to sell up to 26.9 million of existing shares of Carnival plc in the UK market and repurchase up to 26.9
million shares of Carnival Corporation common stock in the U.S. market.
Any sales of Carnival Corporation shares and Carnival plc ordinary shares have been or will be registered under the
Securities Act of 1933. During the three months ended November 30, 2017, no Carnival Corporation common stock or Carnival
plc ordinary shares were sold or repurchased under the Stock Swap Programs.
III. Carnival plc Shareholder Approvals
Carnival plc ordinary share repurchases under both the Repurchase Program and the Stock Swap Programs require annual
shareholder approval. The existing shareholder approval is limited to a maximum of 21.6 million ordinary shares and is
valid until the earlier of the conclusion of the Carnival plc 2018 annual general meeting or July 4, 2018.
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Carnival
See all newsREG-Carnival PLC: CARNIVAL CORPORATION & PLC TO HOLD CONFERENCE CALL ON FOURTH QUARTER EARNINGS
AnnouncementREG-Carnival PLC: CARNIVAL PLC - VOTING RIGHTS AND CAPITAL
AnnouncementREG-Carnival PLC: Notification of Transactions of Directors/PDMRs
AnnouncementREG-Carnival PLC: External Directorship Notification
AnnouncementREG-Carnival PLC: Voting Rights and Capital
Announcement