Carnival posts narrower-than-expected adjusted loss but revenue misses mark

Carnival Corp.
CCL,
+8.02%
shares fell 2% in early trades Wednesday after the cruise company fell short of the analyst estimate for fourth-quarter revenue. The company said its fourth-quarter net loss narrowed to $1.6 billion, or $1.27 a share, from a loss of $2.62 billion, or $2.31 a share, in the year-ago quarter. Adjusted loss narrowed to 85 cents a share, from a loss of $1.72 a share, in the year-ago quarter. Wall Street analysts expected Carnival to lose 88 cents a share, according to estimates compiled by FactSet. Fourth-quarter revenue increased to $3.84 billion from $1.29 billion in the year-ago period. Analysts were looking for revenue of $3.91 billion. Looking ahead, Carnival expects a first-quarter adjusted net loss of $750 million to $850 million. “We believe we are accelerating our return to strong profitability through our fleet and brand portfolio management which is delivering prudent capacity growth weighted toward our highest returning brands and amplified by nearly a quarter of our fleet consisting of newly delivered vessels,” said CEO Josh Weinstein.