Carnival beats by $0.08, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS below consensus

Reports Q2 (May) earnings of $0.49 per share, $0.08 better than the First Call consensus of $0.41; revenues rose 16.5% year/year to $3.38 bln vs the $3.33 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.56-1.58 vs. $1.78 consensus. Co issues downside guidance for FY08, sees EPS of $2.70-2.80 vs. $2.96 consensus, prior guidance $3.00-3.20. Co said, "Despite the current difficult economic environment, our booking trends continue to be solid. Consumers continue to plan leisure travel but appear more cost conscious placing greater emphasis on finding more economical options. A cruise vacation is an attractive alternative for those seeking the most value for their vacation dollar... However, the impact of skyrocketing fuel prices on our operating results has overshadowed the revenue yield improvement we have experienced."