Carnival Corporation has reported net income of $106.3 million, or $0.37 per share, on revenues of $516.8 million for its second quarter ended May 31, 1996, compared to net income of $89.8 million, or $0.32 per share, on revenues of $452.8 million for the same quarter in 1995.
Net income for the six-month period was $183.3 million, or $0.64 per share, on revenues of $965.6 million, compared to net income of $157.3 million, or $0.56 per share, on revenues of $872.6 million for the same period in 1995.
The 1996 results benefited from an increase in capacity resulting from the introduction of Carnival Cruise Lines’ Imagination and Inspiration in July 1995 and March 1996, respectively.
According to Micky Arison, Chairman and CEO of Carnival Corp., the company’s second quarter results also benefited from a strong performance by its Holland America Line unit. While both lines achieved strong occupancies in the second quarter, Carnival Cruise Lines experienced some softness in pricing, similar to the first quarter, according to a prepared statement.
For the three-month period ended May 31, 1996, Carnival Corp. achieved a fleet-wide average occupancy level of 107.2 percent carrying 436,000 passengers, compared to an average occupancy level of 100.3 percent and 354,000 passengers in the second quarter of 1995.
The increase in occupancies more than offset lower pricing, according to Carnival.
For the six-month period, the fleet carried 843,000 passengers for an average load factor of 107.1 percent, compared to 697,000 passengers and an average load factor of 100.1 percent for the same period in 1995.
Carnival acquired Airtours in April of 1996, but will report its results on a two-month lag basis, hence Airtours earnings for the period April through June will be included in Carnival’s third quarter.
Looking to the remainder of 1996, Arison indicated that he expects Carnival’s earnings growth to continue to be driven primarily by capacity increases.