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Carnival Corporation & plc Reports Third Quarter Earnings.

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MIAMI Sept. 22 /PRNewswire-FirstCall/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) reported net income of $1.1 billion, or $1.33 diluted EPS, on revenues of $4.1 billion for its third quarter ended August 31, 2009. Net income for the third quarter of 2008 was $1.3 billion, or $1.65 diluted EPS, on revenues of $4.8 billion.

Micky Arison, Carnival Corporation & plc Chairman and CEO, commenting on third quarter results said, "given the global economic environment earning more than $1 billion this quarter was quite an achievement and is a testament to the power of our global brands. Our net income for the quarter exceeded our previous guidance, as a result of better than expected pricing on close-in bookings worldwide during the seasonally strong summer period."

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

-- On a constant dollar basis net revenue yields (net revenue per available lower berth day) decreased 12.3 percent for Q3 2009 which was better than our June guidance of down 14 to 16 percent. Net revenue yields in current dollars decreased 16.5 percent due to unfavorable currency exchange rates. Gross revenue yields in current dollars decreased 17.6 percent. -- Excluding fuel, net cruise costs per available lower berth day ("ALBD") for Q3 2009 were 0.7 percent lower on a constant dollar basis. Excluding the impact of the $26 million insurance settlement received during the same period last year, net cruise costs per ALBD excluding fuel were 2.4 percent lower on a constant dollar basis. -- Including fuel, net cruise costs per ALBD decreased 11.4 percent on a constant dollar basis (decreased 14.8 percent in current dollars). Gross cruise costs per ALBD decreased 17.1 percent in current dollars. -- Fuel price decreased 39 percent to $405 per metric ton for Q3 2009 from $666 per metric ton in Q3 2008 and was in line with the June guidance of $406 per metric ton. Outlook

Since June, booking volumes for the remainder of 2009 and the first half of 2010 are running 19 percent ahead of the prior year. Although occupancy levels are catching up with last year they are still slightly behind, with ticket prices for these bookings also at lower levels.

"While the environment for travel remains challenging, we are encouraged by the strength we have had in booking volumes throughout the year. Consumers are responding to the attractive pricing and product offerings our brands have in the marketplace. We have begun to experience an extension in the booking window as consumers realize the best value by booking early. For consumers, the value proposition has never been greater than it is now, so prospective vacationers looking for the best price should act quickly," said Arison.

Based primarily on the strength in the third quarter, the company now expects full year net revenue yields, on a constant dollar basis, to decrease 10 percent, at the better end of its previous guidance range of down 10 to 12 percent. The company forecasts a 14 percent decline in net revenue yields on a current dollar basis for the full year 2009 compared to 2008 caused by unfavorable movements in currency exchange rates.

The company continues to expect net cruise costs excluding fuel for the full year 2009 to be in line with the prior year on a constant dollar basis. Based on current spot prices for fuel, forecasted fuel costs for the full year have increased $40 million since the previous guidance, costing $0.05 per share. This has been partially offset by favorable movements in currency exchange rates worth $0.03 per share.

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