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  • Carnival’s company margins (both North American and EAA brands) have declined in the past couple of years.
  • Higher fuel expense is much to blame but a rise in the onboard & other expense bucket is also pressuring costs.
  • The chart below shows that onboard & other margins not only have stopped improving but actually fell in recent quarters. 
  • Management guided onboard spend in 2013 to be similar to 2012; let’s see how much of that flows to the bottom line, beginning with 1Q earnings in 2-3 weeks

CHART DU JOUR: CCL ONBOARD & OTHER MARGINS - CCL12