In this Monday, June 20, 2016, file photo, the Carnival Fantasy cruise ship leaves PortMiami, in Miami Beach, Fla. Carnival Corporation reports earnings Tuesday, March 28, 2017. (AP Photo/Lynne Sladky, File)

NEW YORK (AP) — Carnival Corp.’s profit more than doubled in the first-quarter as lower fuel costs and higher revenue helped it top Wall Street forecasts.

The Miami-based cruise line’s profit surged to $352 million, or 48 cents per share. Earnings, adjusted for non-recurring gains, came to 38 cents per share.

SAILING FOR PROFIT—In this April 18, photo, Carnival Cruise CEO Arnold Donald walks through the Splendido Lido Pool area, aboard the Carnival Splendor cruise ship, in New York. Donald took over a troubled, family-run business and is trying to convert the world’s largest cruise line into a profitable venture. (AP Photo/Richard Drew/File)

The results surpassed Wall Street expectations of 35 cents a share, according to the average estimate of eight analysts surveyed by Zacks Investment Research.

Revenue rose 3.8 percent to $3.79 billion in the period, in line with Street forecasts.

A key factor in the profit boost came from a gain in fuel cost hedging, compared to a loss a year ago.

Carnival said advance bookings are ahead of the last year’s, and at higher prices.

ENJOYING YOUR MEAL?—In this April 18, photo, Carnival Cruise CEO Arnold Donald talks with passengers in the Grand Buffet area, aboard the Carnival Splendor cruise ship, in New York. (AP Photo/Richard Drew)

For the current quarter ending in June, Carnival expects per-share earnings of between 43 cents and 47 cents. Analysts polled by FactSet forecast profit of 46 cents per share for the period.

The company expects full-year earnings in the range of $3.50 to $3.70 per share. Analysts polled by FactSet expect profit of $3.61 for the year.

The stock gained 72 cents to reach $59.59 in morning trading.

Carnival shares have increased 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 5 percent. The stock has climbed 20 percent in the last 12 months.


Elements of this story were generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on CCL at



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