Carnival Stock Sinks After Another Mixed Quarter
The excuses keep changing like the waves, but Carnival (NYSE: CCL) (NYSE: CUK) just can't stop paring back its financial forecasts as fiscal 2019 plays out. For the third time in as many quarters, the world's leading cruise line operator is lowering its adjusted earnings guidance for the entire fiscal year.
Carnival is blaming weather-related voyage disruptions, a delayed ship delivery, and tensions percolating in the Arabian Gulf as factors that will weigh on its bottom line this year. The industry bellwether is also pointing to changes in fuel prices and exchange rates as eating away at its profitability this year, reversing the benefits it derived from favorable fuel costs in the fiscal third quarter that it announced on Thursday morning. Carnival's revising its 2019 profit slightly lower in the process, now expecting to post adjusted earnings per share between $4.23 and $4.27 this year.
Image source: Carnival Corp.
Source Fool.com
