Carnival Corporation 2012 Final Results
4Q and Full Year Highlights
* 4Q net revenue yields in constant dollars decreased 4.5% compared to the prior year,
which was better than the company's September guidance, down 5 to 6%
* 4Q net cruise costs, excluding fuel, per available lower berth day ("ALBD") decreased
0.9% in constant dollar, less than September guidance, down 2 to 3%
* 4Q non-GAAP earnings per share (diluted) of $0.13, compared to $0.28 for the prior year
* Full year non-GAAP earnings per share (diluted) of $1.88, compared to $2.42 for the
* Unfavorable changes in fuel prices and currency exchange rates reduced full year 2012
earnings by $300 million or $0.39 per share, compared to the prior year.
* Since September, booking volumes for the first three quarters, including Costa, are
running in line with the strong volumes experienced last year at slightly lower prices
* At this time, cumulative advance bookings for 2013 continue to be behind the prior year
at slightly lower prices
* Net revenue yields on a constant dollar basis for full year 2013 expected to be up 1 to
* Net cruise costs excluding fuel per ALBD for full year 2013 expected to be up 1 to 2%
on a constant dollar basis
* Full year 2013 non-GAAP earnings per share (diluted) expected to be in the range of
$2.20 to $2.40, compared to $1.88 for 2012
* 1Q 2013 non-GAAP earnings per share (diluted) expected to be in the range of $0.03 to
$0.07, compared to $0.02 in 1Q 2012
Chairman and Chief Executive Officer Micky Arison commenting on these results:
"As a result of the Costa Concordia tragedy in January, the past year has been the most challenging in our company's history. However, through the significant efforts of our brand management teams, we were able to maintain full year 2012 net revenue yields (excluding Costa)
in line with the prior year. In addition, we drove down net cruise costs, excluding fuel,
slightly and fuel consumption by four percent."
"Cash from operations of $3.0 billion was more than sufficient to fund $1.8 billion in net capital investments and positioned the company with excess free cash flow to return to shareholders. Our regular quarterly dividend of $0.25 per share, combined with our recently announced special year-end dividend of $0.50 per share, will result in $1.2 billion of dividend distributions to our shareholders. Additionally, since the start of the fiscal year we purchased 3.5 million of the company's shares in the open market at a cost of $120 million."
"We remain well positioned for a recovery in 2013 and beyond evidenced by the demonstrated resilience of our global portfolio of cruise brands, as consumers continue to capitalize on cruising's superior value versus land-based vacation alternatives. We continue to focus on a measured growth strategy through the introduction of two to three new ships per year and the development of emerging cruise markets in Asia."
"Based on 2013 guidance, we estimate that cash from operations will reach $3.3 billion for the year while our capital commitments will be just $2.0 billion. As a result, we anticipate significant free cash flow in 2013, which we intend to continue to return to shareholders."
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