Carnival Corp., parent of Valencia-based Princess Cruises, posted third-quarter revenues Tuesday of $5.1 billion, up 12 percent from $4.5 billion a year ago. Profits rose 3 percent to $1.69 per share from $1.62 per share.
Company CEO Micky Arison attributed the positive results to lower costs and a higher-than-expected revenue yield, i.e., the amount of money received from passengers minus expenses related to the same passengers.
A 6-percent increase in revenue yields from Carnival’s North America brands, including Princess, more than offset a 2-percent decline from its European, Australian and Asian brands, mostly related to unrest in the Middle East and North Africa.
The overall 2.6 percent increase in revenue yields helped dull the pain of 45-percent higher fuel costs compared to the same period last year, the company said.
Looking ahead, the company said ticket prices are higher and occupancies are lower for advance bookings through the remainder of 2011 and the first half of 2012.
“The increased level of importance consumers are placing on value continues to drive demand for our cruise products,” Arison said.