Carnival Corporation (CCL) has reported a 37.36 percent plunge in profit for the quarter ended May 31, 2017. The company has earned $379 million, or $0.52 a share in the quarter, compared with $605 million, or $0.80 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $378 million, or $0.52 a share compared with $370 million or $0.49 a share, a year ago. Revenue during the quarter grew 6.48 percent to $3,945 million from $3,705 million in the previous year period. Total expenses were 87.33 percent of quarterly revenues, up from 87.10 percent for the same period last year. That has resulted in a contraction of 23 basis points in operating margin to 12.67 percent.
Operating income for the quarter was $500 million, compared with $478 million in the previous year period.
Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted, "Strong execution drove significant operational improvements, which more than offset the substantial drag from fuel and currency, leading to another second quarter adjusted earnings record. It was reinforcing to see over five percent improvement in cruise ticket prices, affirming our efforts to increase demand by building positive word of mouth through the delivery of exceptional guest experiences as well as our innovative marketing and public relations programs."
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.60 to $3.70 on adjusted basis.
For the third-quarter, On an adjusted basis, the company expects diluted earnings per share to be in the range of $2.16 to $2.20.
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