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BUSINESS A25
Thursday 31 March 2016
Carnival’s profit nearly triples thanks to lower fuel prices
MIAMI (AP) — Carnival end of its earnings outlook rise to $16.3 billion analysts three months ended Feb. which also beat Street fore-
Corp.’s profit nearly tripled for the year, and its stock expected, according to 29, compared with $49 mil- casts. Six analysts surveyed
in the first quarter as it paid rose Wednesday. FactSet. lion, or 6 cents per share, in by Zacks expected $3.62
less for the fuel to power its Carnival said it now ex- For the current quarter, the same quarter the year billion.
cruise ships. pects earnings between Carnival expects earnings before. Carnival paid $187 million
The Miami company, which $3.20 and $3.40 per share between 34 cents and 38 Earnings, adjusted for non- for fuel costs in the quarter,
operates 99 ships under the for the full year. cents per share. recurring costs, were 39 41 percent less than the
Carnival, Holland America Its previous forecast was Analysts expected earn- cents per share, topping $318 million it paid in the
and other brands, also said between $3.10 and $3.40 ings of 37 cents per share, Wall Street expectations. same quarter a year ago.
Wednesday that trip book- per share. according to FactSet. Rev- The average estimate of The company said it had
ings for the rest enue is expected to rise as nine analysts surveyed by about 4 percent more pas-
of 2016 are higher than Analysts expected earn- much as 2.5 percent. Zacks Investment Research sengers in the quarter.
they were last year and ings of $3.36 per share, ac- Carnival Wednesday re- was for earnings of 31 cents Shares of Carnival Corp.
that travelers are paying cording to FactSet. Carni- ported fiscal first-quarter per share. rose $1.80, or 3.6 percent,
higher prices. So the com- val still expects revenue to net income of $142 million, Revenue rose 3.4 percent to $51.44 Wednesday in
pany boosted the lower rise 3 percent for the year, or 18 cents per share, in the to $3.65 billion in the period, midday trading.
slightly below the 4 percent
MetLife wins challenge to US as judge removes threat tag
MARCY GORDON MetLife said Wednesday
AP Business Writer
WASHINGTON (AP) — that Collyer’s ruling vali-
MetLife has won a major
legal challenge to the gov- dated its decision to chal-
ernment’s policy for pre-
venting another financial lenge the regulators’ ac-
crisis, as a federal judge
tossed out its designation tion in court.
by regulators that its failure
would pose a threat to the “From the beginning,
financial system.
MetLife Inc., the largest U.S. MetLife has said that
insurance company by as-
sets, took the government its business model does not
to court more than a year
ago to appeal its labeling pose a threat to the finan-
by the Financial Stability
Oversight Council as “sys- cial stability of the United
temically important” and
requiring stricter supervi- States,” Chairman, Presi-
sion. That meant regula-
tors deemed MetLife to be dent and CEO Steven Kan-
so big and entwined with
the financial system that it darian said in a statement.
could threaten the econo-
my if it collapsed. “This decision is a win for
U.S. District Judge Rose-
mary Collyer issued an or- MetLife’s customers, em-
der Wednesday removing
the designation of New ployees and shareholders.”
York-based MetLife.
The government has the Collyer didn’t make pub-
right to appeal. The Trea-
sury Department said in a lic the reasons behind her
statement it “will continue
decision, keeping her legal
opinion under seal — pos-
sibly because it contains
company information
deemed to be confiden-
The MetLife skyscraper overlooks another building in New York. MetLife has won a major legal tial.
challenge to the government’s policy for preventing another financial crisis, as a federal judge on
Wednesday, March 30, 2016, tossed out its designation by regulators as a potential threat to the The oversight council is a
financial system.
group of top federal regu-
(AP Photo/Mark Lennihan)
lators created by the 2010
Wall Street overhaul law
to monitor the financial
to defend the council’s companies would force Capital requirements for system with an eye to pre-
designations process vigor- the companies to raise the banks were established to
ously.” prices of their products, protect depositors, rather venting another crisis. Its
In fighting the oversight reduce the amount of risk than ensuring that life insur-
agency’s action, MetLife they take on in selling their ers can meet their obliga- label of “systemically im-
said that tougher require- products, or stop offering tions to policyholders, the
ments on life insurance some products altogether. company said. portant” brings stricter gov-
ernment oversight and, in
MetLife’s view, excessive
costs.
Strong holiday sales give Lululemon a boost in 4th quarter
NEW YORK (AP) — Lulule- per share. A year earlier it retailer’s health, increased Looking ahead, the chain a first-quarter profit of 37
mon’s fiscal fourth-quarter earned $110.9 million, or 78 5 percent on a constant anticipates first-quarter cents per share on revenue
performance beat Wall cents per share. dollar basis. This figure ex- profit between 28 cents of $486.1 million and fiscal
Street’s view, bolstered by Analysts polled by Fact- cludes results from stores and 30 cents per share on 2016 profit $2.16 per share
strong holiday sales. Set predicted 80 cents per recently opened or closed. revenue in a range of $483 on revenue of $2.32 billion.
Its shares rose almost 8 per- share. Lululemon Athletica Inc. re- million to $488 million. Lu- Lululemon shares rose
cent in morning trading Revenue climbed to $704.3 ported a full-year adjusted lulemon expects fiscal 2016 $4.73, or 7.8 percent, to
Wednesday. million from $602.5 million, profit of $1.86 per share on profit between $2.05 and $65.97 in morning trading
For the period ended Jan. topping the $692.6 million revenue of $2.06 billion. $2.15 per share on revenue Wednesday. Its shares are
31, the Canadian yoga- that analysts expected. On a constant dollar basis, in a range of $2.29 billion to up almost 2 percent over
wear company earned Sales at stores open at least same-store sales rose 4 per- $2.34 billion. the past year.
$117.4 million, or 85 cents a year, a key indicator of a cent. Wall Street is looking for
