Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) reported net income of $264 million, or $0.33 diluted EPS, on revenues of $2.9 billion for its second quarter ended May 31, 2009. Net income for the second quarter of 2008 was $390 million, or $0.49 diluted EPS, on revenues of $3.4 billion.

Carnival Corporation & plc Chairman and CEO Micky Arison indicated that operating results in the second quarter were better than the company’s March guidance due primarily to lower than expected net cruise costs and better than expected pricing on close-in bookings. This was partially offset by higher fuel prices and the impact from disruptions of its Mexican cruises in response to the U.S. Centers for Disease Control (CDC) recommendations against non-essential travel to Mexico which reduced second quarter earnings by approximately $0.03 per share.

Commenting on second quarter results, Arison said, “We were pleased with the quarterly operating results in light of the current economic environment. During the quarter, our operating companies remained focused on reducing costs which is expected to continue through the remainder of the year.” A variety of energy conservation programs resulted in a six percent reduction in fuel consumption during the quarter which helped to mitigate some of the recent fuel price increases.

Key metrics for the second quarter of 2009 compared to the prior year were as follows:

• On a constant dollar basis net revenue yields (revenue per available lower berth day) decreased 9.8 percent for Q2 2009. Net revenue yields in current dollars decreased 16.8 percent due to unfavorable currency exchange rates. Gross revenue yields in current dollars decreased 17.3 percent.

• Excluding fuel, net cruise costs per available lower berth day (“ALBD”) for Q2 2009 was 1.0 percent higher on a constant dollar basis due to more vessels in dry-dock this quarter.

• Including fuel, net cruise costs per ALBD decreased 9.6 percent on a constant dollar basis (decreased 15.6 percent in current dollars). Gross cruise costs per ALBD decreased 16.5 percent in current dollars.

• Fuel price decreased 43 percent to $304 per metric ton for Q2 2009 from $530 per metric ton in Q2 2008 and was above the March guidance of $285 per metric ton.