* Sees FY 2013 EPS $2.20-$2.40 vs View $2.49
* Sees FY net revenue yield up 1-2 pct
* Says Europe still weak
* Shares down 5.5 pct, Royal Caribbean down 3.5 pct
NEW YORK, Dec 20 Carnival Corp & Plc
on Thursday said bookings for 2013 so far were at lower
prices and still lagging last year's levels, suggesting the
industry was not recovering as quickly as previously believed.
The company, which also reported a sharply lower profit as
revenue continued to be hit by last January's deadly capsizing
of one of its ships off the Italian coast, which killed 32, gave
a full year profit forecast below Wall Street's projections, in
part because of what it called Europe's "deteriorating" economy.
The forecast stood in contrast to a bullish forecast given
by smaller rival Royal Caribbean Cruises Ltd in October,
and Carnival's own in September, that suggested the cruise
industry's recovery was gathering pace.
Carnival forecast 2013 earnings of $2.20 to $2.40 per share.
Analysts were looking for 2013 profit of $2.49 per share.
Shares were down 5.5 percent in mid-morning trading to
$36.88. Royal Caribbean shares were down 3.5 percent at $33.91.
Carnival expects net revenue yields, a gauge that blends
prices per cabin and how much passengers spend onboard, to be
down 2 to 3 percent this quarter excluding the effect of
currency, but to improve later this year on the assumption it
will be able to bring prices back up.
After the Costa disaster, Carnival had to lower prices to
lure vacationers back.
For the full fiscal year that just began, it expects new
revenue yield to be up 1 to 2 percent, a modest improvement over
a year that Chief Executive Micky Arison called "the most
challenging in our company's history."
Carnival, which operates lines such as Carnival Cruises and
Holland America, reported net income of $93 million, or 12 cents
per share, on revenue of $2.66 billion for the fourth quarter
ended Nov. 30. That compares with net income of $217 million, or
28 cents share on revenue of $2.82 billion a year earlier.
Excluding a loss on fuel derivatives, it made a profit of 13
cents per share, 2 cents better than Wall Street expectations,
according to Wall Street I/B/E/S.