Carnival Corporation & plc Miami headquarters. Image: Glass Door

Fourth quarter earnings have been announced for Carnival Corporation & plc with the world’s largest cruise company reporting a non-GAAP net income of USD$98 million.

This brings the non-GAAP net income for the year to USD$1.5 billion compared to USD$1.9 billion in 2011.

Stronger than expected revenue yields and lower than expected fuel costs more than offset higher than expected operating costs with Carnival Corporation & plc chairman and CEO Micky Arison noting that the results were better than anticipated.

“As a result of the Costa Concordia tragedy in January, the past year has been the most challenging in our company’s history,” Mr Arison said.

“However, through the significant efforts of our brand management teams, we were able to maintain full year 2012 net revenue yields (excluding Costa) in line with the prior year.”

Mr Arison also noted that net cruise costs and fuel consumption were reduced by four percent in 2012.

Bookings in the first three quarters, including Costa, are currently in line with the strong volumes of last year albeit at slightly lower prices.

Cumulative advance bookings for 2013 however are behind the prior year at slightly lower prices.

The company expects the full 2013 net revenue yields on a constant dollar basis to be up one to two percent.

“We remain positioned for a recovery in 2013 and beyond evidenced by the demonstrated resilience of our global portfolio of cruise brands as consumers continue to capitalise on cruising’s superior value versus land-based vacation alternatives,” Mr Arison said.

“We continue to focus on a measured growth strategy through the introduction of two to three new ships per year and the development of emerging cruise markets in Asia.”