Carnival cuts profit outlook on Cuba cruise ban
Carnival Corp shares are down after it issued a profit forecast cut on the sudden Cuba cruise ban by the Trump administration.
Carnival said it expects lower ticket prices in the short term and added expenses from guest compensation and cruise credits due to the last minute itinerary changes.
Cuba cruises were invariably sold at a premium compared to other comparable Caribbean itineraries.
The Cuba cruise ban may result in about a 4 to 6 cent per share impact on full-year earnings, while the current problems facing the Carnival Vista ship, which is currently sailing with restricted cruising speed, will drag profits down further.
Vista is set to go to dry dock for more than two weeks for repairs.
Miami-based Carnival said it expects lower net revenue yields in the second half of 2019.
Rivals Norwegian Cruise Line and Royal Caribbean Cruises have also been heavily impacted due to the Cuba ban.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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