Carnival Reports Low Revenue, Company Officials Show Wariness
Carnival Corporation (NYSE:CCL) reported lower revenues in the second quarter than analysts had estimated, and now it seems a number of company officials are steering clear of further investments.
The company earned 0 cents per share on revenue of $3.5 billion, compared with analysts' estimates of 7 cents per share on revenue of $3.55 billion. The company projects third-quarter earnings to range between $1.42 to $1.46 per share.
"Cruise ticket prices (excluding Costa) held firm close to sailing which, combined with stronger than expected onboard revenues, drove yields above prior year levels," said chairman and CEO Micky Arison. "Our North American brands performed well, achieving a 3 percent revenue yield improvement compared to the prior year, which more than offset slightly lower yields for our Europe, Australia and Asia brands."
Despite the positive outlook from the CEO, many company insiders are selling off hundreds of thousands of dollars in stock through insider trades. In the last three months, executives have sold $216,860 dollars in shares, worth $30.77 each.
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