you know it JUST TO PUT THINGS IN SCOPE OF WHAT CAN BE DONE HERE ANYTHING IS POSSIBLE NEW YORK (AP) — Passengers remain hesitant to book cruises, despite deep discounts. But that didn't stop Carn!!!! Corp. from eking out a $41 million second-quarter profit thanks to lower fuel costs and the timing of some administrative expenses.
The Miami-based company also announced Tuesday that Micky Arison, who has been CEO since 1979 and is the son of Carn!!!! co-founder Ted Arison, is being replaced by Arnold W. Donald, who has served on the company's board for the past 12 years. Arison will continue to serve as chairman of the board.
The profit was nearly triple the $14 million the world's largest cruise company earned during same period last year, a quarter which it suffered from steep losses on fuel prices bets known as derivatives.
Earnings totaled of 5 cents per share this quarter, up from 2 cents a share last year at this time. Revenue fell 1.7 percent to $3.48 billion.
Excluding one-time items, Carn!!!! earnings were 9 cents per share. Analysts polled by FactSet had expected earnings of 6 cents per share on revenue of $3.56 billion.
Shares of Carn!!!! rose $1.67, or 5 percent, to close at $34.89 Tuesday.
Arison led the company through an aggressive expansion that included the acquisition of several brands, including Holland America, Costa Cruises, Cunard and Seabourn. In 2003, he oversaw a merger between Carn!!!! Corp. and P&O Princess Cruises. Today, Carn!!!! runs cruises under 10 brands.
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