Carnival’s earnings down on higher energy prices

MIAMI The world’s largest cruise operator reports its first-quarter profit fell 19 percent, weighed by a spike in fuel costs.

Carnival’s shares fell just over five percent in late-morning trading on the New York Stock Exchange.

For the fiscal quarter ended February 28th, Miami-based Carnival reported net income of 34 cents per share, versus a prior-year profit of 42 cents per share.

Carnival says fuel prices rose 63 percent, leading to an 82 (m) million-dollar increase in fuel costs.

The company forecast higher fuel prices will cost the company 60 (m) million dollars in the second quarter. Fuel prices for the rest of the year would be about 20 percent higher than the prior-year period, but the company says comparisons would moderate over the rest of the year.

AP