Chairman and Chief Executive Officer Micky Arison commenting on these results:
"On the whole, 2011 was an encouraging year for our global portfolio of cruise brands.
Our North American brands performed well, achieving an almost four percent revenue yield increase, while our European, Australian and Asian brand yields were in line with the prior year (constant dollars) despite having been significantly impacted by the geo-political unrest in the Middle East and North Africa. Higher revenue yields partially offset a 32 percent increase in fuel prices, which reduced earnings by $535 million or
$0.68 per share for the year."
"Cash from operations of $3.8 billion provided more than ample funding for our $2.7 billion capital investment program and enabled the company to return excess cash to shareholders. Earlier this year, our quarterly dividend was increased from $0.10 to $0.25 per share resulting in $670 million of dividend distributions. In addition, we purchased 14.8 million of the company's shares in the open market at a cost of $455 million."
"Our base of business for 2012 is solid and we are experiencing strong booking volumes leading into wave season, our heaviest booking period which begins in early January. Despite the uncertain economic environment, we anticipate a continued slow recovery in yields in 2012 driven by ongoing consumer recognition that our cruises provide an exceptional value."
"A wide array of exciting innovations and the continued modernization of our existing global fleet should drive even greater consumer interest and enthusiasm for our brands. An example is Carnival Cruise Lines' recently announced Fun Ship 2.0, which is a multi-year $500 million investment to transform the shipboard experience through exciting partnerships and new branded spaces. Carnival Liberty, which was recently re-introduced with several of the new features, has generated exceptional buzz and has been well received by consumers and travel agents."
"We remain focused on strategic growth through the addition of two to three new ships per year and expect to continue to return excess cash to shareholders. Based on the above guidance, we estimate our cash from operations will approach $4 billion in 2012, while our capital investment commitment will be $2.6 billion. We expect to generate significant free cash flow in 2012 and beyond, which should provide further opportunities to return cash to shareholders."
