Carnival: Cruise operator beats revenue estimates

Carnival beat fourth-quarter revenue estimates on Friday, helped by resilient demand for its pricier voyages from Americans eager to go on summer cruises, sending its shares up about 4% in premarket trading.

Cruise operators have had a stellar year, driven by strong demand as travelers increasingly sought to splurge on memorable getaways such as sea voyages and vacations.

The company reported quarterly revenue of $5.94 billion, compared with analysts’ estimates of $5.93 billion, per data compiled by LSEG.

However, Carnival forecast annual profit below expectations as higher costs of promotions and advertising weighed on the cruise operator.

It expects annual profit of $1.70 per share, compared with estimates of $1.74.

 

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