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Carnival Cruise Line Hits Rough Waters as Shares Drop Amid Gloomy Forecast
26 days ago - By Fortune
Shares of Miami-based Carnival dropped after the cruise company announced a gloomier-than-expected forecast Monday.
The company's shares tumbled nearly 10% following an announcement by Carnival CEO Arnold Donald on a quarterly conference call that rising fuel prices and currency headwinds would cause full-year earnings outlook to miss expected high water marks.
Shares ultimately closed down 7.85% Monday after the cruise giant adjusted its projections down from $4.20 to $4.40 per share down to a range of $4.15 to $4.25 per share.
During a strong second quarter, Carnival saw shares rise 78...
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