New York, June 24 (RHC)-- Carnival Cruise ship company has cut its profit forecast for the year, anticipating a hit from the Trump administration’s sudden ban on cruises to Cuba and weakening demand in Europe, sending its shares down over 7%.
The company’s profit warning also dragged down Carnival’s rivals, Norwegian Cruise Line and Royal Caribbean Cruises, about 3%.
Carnival is the latest company to warn of the financial impact of the US ban on forms of recreational travel to the Caribbean island, a move that sent cruise operators scrambling to reroute their cruises, usually booked months in advance.
“The suddenness of the regulatory change to this high yielding destination has led to a near-term impact on revenue yields,” Carnival said.
Revenue yields are an important metric for cruise operators and measures spending per available berth.
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