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Carnival warns on profit
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June 20, 2000: 9:55 a.m. ET
Cruise operator sees slight gain for year; edges past year-earlier 2Q results
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NEW YORK (CNNfn) - Cruise line operator Carnival Corp. edged past fiscal second-quarter earnings forecasts Tuesday, but sees choppier profit waters ahead in the second half of the year.
 The company said that its revenue will drop in the second half of its fiscal year, although it believes earnings per share will be "slightly higher" in the full year than in fiscal 1999. The analysts had expected second half results to be 13 percent better than profits in the third and fourth quarter of last year.
The company -- which sails under the names Carnival, Holland America and Cunard -- blamed higher fuel prices and pressure on pricing for cruises for the profit squeeze despite improved occupancy rates.
Carnival (CCL: Research, Estimates) opened down 3-3/8, or 14.4 percent, to 20.
First Call's consensus forecast calls for fiscal year earnings of $1.79 a share, up 8 percent from $1.66 a year earlier. The third-quarter estimate is for 75 cents a share in the third quarter, up 12 percent from the 67 cents earned a year earlier, and the fourth-quarter projection is 46 cents a share, 15 percent ahead of the year earlier profit of 40 cents a share.
In the fiscal second quarter the company earned $193.3 million, or 32 cents a diluted share, excluding a special gain in the period ended May 31, down from net income of $203.3 million, or 33 cents, reported in the year-earlier period. Analysts surveyed by earnings tracker First Call forecast the company earned 31 cents a share in the period.
Including a non-recurring net gain from the company's affiliated operations, net income in the second quarter came to $204.0 million, or 34 cents a diluted share. Revenue gained in the quarter rose to $875.1 million from $796.1 million in the year-earlier period.
For the first six months of its fiscal year, net income rose to $375.5 million, or 61 cents a share, from $361.1 million, or 59 cents a share, a year earlier. Revenue increased to $1.7 billion from $1.5 billion. 
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Carnival Corp.
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