OUTLOOK FOR CARNIVAL Cruise

Posted on 04/01/2016

Carnival Corp.'s profit nearly tripled in the first quarter as it paid less for the fuel to power its cruise ships. The Miami company, which operates 99 ships under the Carnival, Holland America and other brands, also said Wednesday that trip bookings for the rest of 2016 are higher than they were last year and that travellers are paying higher prices. So the company boosted the lower end of its earnings outlook for the year, and its stock rose Wednesday.

Carnival paid $187 million for fuel costs in the quarter, 41 per cent less than the $318 million it paid in the same quarter a year ago. The company said it had about 4 percent more passengers in the quarter.

Shares of Carnival Corp. rose $1.80, or 3.6 percent, to $51.44. Wednesday in midday trading.