Carnival Cruises loses $4.37 billion due to coronavirus

MIAMI -- Carnival Corp. (CCL) on Thursday reported a fiscal second-quarter loss of $4.37 billion, after reporting a profit in the same period a year earlier.

On a per-share basis, the Miami-based company said it had a loss of $6.07. Losses, adjusted for asset impairment costs and restructuring costs, came to $3.30 per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of $1.83 per share.

The cruise operator posted revenue of $700 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $1.3 billion.

Carnival shares have dropped 62% since the beginning of the year, while the Standard & Poor's 500 index has dropped roughly 4%. The stock has declined 63% in the last 12 months.
Copyright © 2020 by The Associated Press. All Rights Reserved.