Carnival Profit Jumps After Merger With P&O

Carnival Corp. (CCL), the world's biggest cruise group, on Friday said quarterly earnings rose sharply, citing the merger with P&O Princess Cruises (search) last year.

The Miami operator of Cunard, Princess and 10 other lines said profit for its fiscal third quarter, which ended Aug. 31, rose to $1.03 billion, or $1.23 a share, from $734 million, or 90 cents a share, a year earlier.

Analysts, on average, had expected $1.20 a share, according to Reuters Estimates.

Revenue rose to $3.2 billion from $2.5 billion a year earlier. Analysts had expected $3.15 billion.

Net revenue yields, a key measure of ticket prices and occupancy that excludes travel agent commissions and air fares, rose 10.9 percent in the quarter.

Carnival expects fourth-quarter earnings of 30 cents to 32 cents a share, which includes the effects of Hurricane Frances (search) of 3 to 4 cents a share. Analysts expect 31 cents a share.