UPDATE: Carnival Reports 18% Drop In Q2 Net Income, Lowers Full-Year Earnings Forecast

Carnival Corp CCL reported an 18% drop in its second-quarter net income and lowered its full-year earnings guidance on Tuesday. Carnival reported its quarterly earnings at $206 million, or $0.26 per share, down from $252 million, or $0.32 per share, in the year-earlier period. Its revenue surged 11% to $3.62 billion. Analysts were expecting earnings of $0.23 per share on revenue of $3.51 billion. Carnival now projects 2011 earnings of $2.40 to $2.50 per share and third-quarter earnings of $1.60 to $1.64 per share. Analysts expected full-year earnings of $2.54 per share and Q3 earnings of $1.74 per share. Carnival shares gained 2.21% to $36.52 at 9:44 am. Read more from Benzinga's Company news.