Carnival, the world's largest cruise operator, on Friday reported a quarterly profit but posted a drop in the revenue each cabin generates and lowered its revenue forecast for the year, citing weakness in Europe and pricing promotions.
The company's forecast for the year also was below analysts' expectations, and shares fell 4.8 percent in early morning trading. (Click here to get the latest quotes.)
Carnival, which operates lines including Carnival Cruises and Holland America, reported net income of $37 million, or 5 cents per share, on revenue of $3.59 billion for the first quarter ended Feb. 28. That compares with a loss of $139 million, or 18 cents share on revenue of $3.58 billion a year earlier, when a deadly accident affecting one of its ships hit results.