Cruise operator Carnival said that advance bookings for 2012 are down on last year but, thanks to higher prices, net revenue yields are expected to edge up next year by one or two percentage points in constant currency terms.
In the three months to the end of November revenue moved up to $3.70bn from $3.50bn in the corresponding period of last year (Consensus: $3.78bn).
Fourth quarter net revenue yields in constant dollars increased 1.5% compared to the prior year, in line with the September guidance of a rise of between 1.0% and 2.0%
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Income before tax slipped to $209m from $255m the year before. Net income declined to $217m from $248m last year. Fourth quarter earnings per share were just in line with market expectations at 28 cents a share.
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Fourth quarter net cruise costs, excluding fuel, per available lower berth day (ALBD) eased 1.8% year-on-year in constant dollar terms, less than the September guidance range of a 3.0% to 4.0% decrease.
Net cruise costs, excluding fuel per ALBD, for full year 2012 are expected to be in line with the prior year on a constant dollar basis, the company said.
Fuel prices increased 39% to $680 per metric ton for the fourth quarter of 2011 from $488 per metric ton in the corresponding period of 2010, in line with the September guidance of $686 per metric ton.
"On the whole, 2011 was an encouraging year for our global portfolio of cruise brands," Carnival's Chairman and Chief Executive Officer, Mickey Arison, claimed.
"Our North American brands performed well, achieving an almost four percent revenue yield increase, while our European, Australian and Asian brand yields were in line with the prior year (constant dollars) despite having been significantly impacted by the geo-political unrest in the Middle East and North Africa," Arison said.
"Higher revenue yields partially offset a 32 percent increase in fuel prices, which reduced earnings by $535 million or $0.68 per share for the year," the Carnival boss revealed.
"Despite the uncertain economic environment, we anticipate a continued slow recovery in yields in 2012 driven by ongoing consumer recognition that our cruises provide an exceptional value," Arison said.
The quarterly dividend, as previously announced, has been increased to 25 cents from 10 cents paid out last year.
The shares were barely changed on the results.
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