Carnival Corporation (NYSE:CCL) Announces Earnings Results, Beats Estimates By $0.05 EPS

Carnival Corporation (NYSE:CCL) issued its quarterly earnings results on Thursday, June 22nd. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05, Bloomberg Earnings reports. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.89 billion. Carnival Corporation had a return on equity of 11.26% and a net margin of 16.48%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. Carnival Corporation updated its Q3 guidance to $2.16-2.20 EPS and its FY17 guidance to $3.60-3.70 EPS.

Shares of Carnival Corporation (NYSE:CCL) opened at 66.75 on Wednesday. Carnival Corporation has a one year low of $44.11 and a one year high of $67.30. The firm’s 50-day moving average price is $65.38 and its 200-day moving average price is $59.70. The company has a market capitalization of $48.33 billion, a price-to-earnings ratio of 17.65 and a beta of 0.75.

In other Carnival Corporation news, Director Sir John Parker sold 19,965 shares of Carnival Corporation stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $60.98, for a total value of $1,217,465.70. Following the completion of the sale, the director now owns 22,798 shares of the company’s stock, valued at approximately $1,390,222.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 23.80% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Lodestar Investment Counsel LLC IL boosted its stake in shares of Carnival Corporation by 2.6% in the first quarter. Lodestar Investment Counsel LLC IL now owns 12,050 shares of the company’s stock valued at $710,000 after buying an additional 300 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Carnival Corporation by 4.0% in the first quarter. Teachers Advisors LLC now owns 1,313,131 shares of the company’s stock valued at $77,357,000 after buying an additional 50,283 shares during the last quarter. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Carnival Corporation during the first quarter valued at $525,000. AT Bancorp boosted its stake in shares of Carnival Corporation by 28.3% in the first quarter. AT Bancorp now owns 19,423 shares of the company’s stock valued at $1,144,000 after buying an additional 4,283 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Carnival Corporation by 899.3% in the first quarter. SG Americas Securities LLC now owns 161,580 shares of the company’s stock valued at $9,519,000 after buying an additional 145,410 shares during the last quarter. 78.27% of the stock is owned by institutional investors.

Carnival Corporation announced that its Board of Directors has approved a share repurchase program on Friday, April 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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A number of research analysts recently issued reports on CCL shares. ValuEngine raised Carnival Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Stifel Nicolaus restated a “buy” rating and set a $68.00 price objective on shares of Carnival Corporation in a research report on Friday, June 16th. Instinet raised their price objective on Carnival Corporation from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Wednesday, March 29th. UBS Group AG reaffirmed a “buy” rating and issued a $67.00 price target on shares of Carnival Corporation in a research report on Monday, April 17th. Finally, HSBC Holdings plc reaffirmed a “buy” rating and issued a $71.00 price target (up from $65.00) on shares of Carnival Corporation in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the company’s stock. Carnival Corporation currently has an average rating of “Buy” and an average price target of $61.07.

About Carnival Corporation

Carnival Corporation is a leisure travel company. The Company is a cruise company of global cruise guests, and a provider of vacations to all cruise destinations throughout the world. The Company operates in four segments: North America, EAA, Cruise Support and, Tour and Other. The Company’s North America segment includes Carnival Cruise Line, Holland America Line, Princess Cruises (Princess) and Seabourn.

Earnings History for Carnival Corporation (NYSE:CCL)

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