Bed Bath & Beyond Inc. (BBBY, Financial) fell more than 20% on Thursday after announcing second-quarter results. The company posted earnings of 36 cents per share on $2.94 billion in revenue, which was flat from the prior-year quarter. The company fell 14 cents short of earnings estimates and $20 million short of revenue expectations.
During the quarter, the company repurchased approximately $41 million worth of common stock, or 2.1 million shares.
Yesterday, the board of directors declared a quarterly dividend of 16 cents per share, which is payable on Jan. 15, 2019 to shareholders of record at the close of business on Dec. 14.
Shares of Carnival Corp. (CCL, Financial) fell more than 5% after posting third-quarter earnings of $2.36 per share on $5.84 billion in revenue, a 6% year-over-year growth. The company beat earnings estimates by 4 cents and revenue expectations by $30 million.
In a statement, President and CEO Arnold Donald said that despite fuel and currency headwinds, the company delivered its "highest quarterly performance" in its history.
"At the same time, our strong cash flow and balance sheet enabled us to accelerate our opportunistic share repurchase program, investing almost $750 million in Carnival stock since the beginning of the third quarter, bringing the total investment to $4.4 billion in just three years, and leading to the second replenishment of our $1.0 billion repurchase program this year alone," he said.
Gross revenue yields rose 4%. On a constant currency basis, net revenue yields increased 2.9%, higher than June guidance. Gross cruise costs, including fuel per revenue per available lower berth day, fell 2.6%. On a constant currency basis, net cruise costs, excluding fuel per revenue per available lower berth day, increased 2.7%, better than June guidance.
For full fiscal 2018, the company now expects net revenue yields in constant currency to be up by 3.5%.
Disclosure: The author holds no positions in any stocks mentioned.
