Carnival Corp (NYSE: CCL) stock is under pressure after the company gave fourth-quarter guidance below FactSet expectations. Third quarter net income totaled $1.71 billion, up from $1.33 billion for the same period last year. Also in the third quarter, the company authorized the replenishment of its $1.0 billion share repurchase program covering both Carnival Corporation common stock traded on the New York Stock Exchange and Carnival plc ordinary shares traded on the London Stock Exchange. Repurchases will take place in the open market or privately negotiated transactions in accordance with applicable laws, rules and regulations

CCL in the third quarter of FY 18 has reported the adjusted earnings per share of $2.36, beating the analysts’ estimates for the adjusted earnings per share of $2.32. The company had reported the adjusted revenue growth of 35.9 percent to $5.84 billion in the third quarter of FY 18, beating the analysts’ estimates for revenue of $5.80 billion. Passenger ticket sales grew to $4.35 billion from $4.14 billion last year, and onboard and other revenue grew to $1.32 billion from $1.22 billion.

Moreover, Gross revenue yields (revenue per available lower berth day or “ALBD”) increased 4.0 percent. In constant currency, net revenue yields increased 2.9 percent, better than June guidance of up 1.5 to 2.5 percent. Gross cruise costs including fuel per ALBD decreased 2.6 percent. In constant currency, net cruise costs excluding fuel per ALBD increased 2.7 percent, better than June guidance of up 3.0 to 4.0 percent, principally due to the timing of expenses between quarters. Changes in fuel prices (including realized fuel derivatives) and currency exchange rates decreased earnings by $0.08 per share.

Additionally, the cumulative advanced bookings for the first half of 2019 are ahead of the prior year at prices that are in line with the prior year. Since June, booking volumes for the first half of next year have been running significantly higher than the prior year at lower prices compared to the prior year.

Carnival now expects fourth-quarter adjusted earnings per share to be in the range of 65 cents to 69 cents, below the 73-cents FactSet consensus. Full-year adjusted earnings per share is expected to be in the range of $4.21 to $4.25. The FactSet consensus is for $4.24.

Meanwhile, during the third quarter there was an agreement between Princess Cruises and Italian shipbuilder Fincantieri S.p.A to build two new liquefied natural gas (“LNG”) cruise ships that will be delivered in 2023 and 2025, bringing the total to 11 LNG cruise ships on order.