Carnival confirms 17% increase in quarterly dividend

Carnival has declared a 17% increase in its quarterly dividend to $0.35 per share after its recent strong results.

First-quarter results at the end of March showed net revenue yields were up 5.7% in constant currencies, beating the 3.5%-4.5% guidance issued in December, while adjusted earnings per share of $0.39 were almost double the $0.20 in the same period last year.

Advance bookings for the rest of 2016 were said to be "well ahead" of the prior year at "slightly higher" prices.

Chief executive officer Arnold Donald said the dividend had been increased due to the improvements in earnings and growing net cash flow, which is forecast to reach $4.5bn in 2016.

"The increased dividend, in combination with our current share re-purchase program, underscores our commitment to return value to our shareholders."

Dividends payable in sterling will be converted from US dollars at the exchange rate quoted by the Bank of England in London at noon on 1 June.