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Byline: Marilyn Alva
Cruise operators have been seasick for more than a year,what with all the fire-sale prices they've had to offer just to keep their ships filled with passengers.
Carnival Corp. can tell you all about it. With 44 ships carrying nearly 3 million passengers annually, it's the world's largest cruise company.
See company chart on Page A7
But Carnival's 15-year streak of positive earnings growth went overboard last year. Earnings in 2000 fell 1% from a year earlier to $1.64 a share. This year's first quarter showed further declines, with earnings down 21% from a year ago.
"It's a great company in a difficult environment," said analyst James Winchester of Lazard Freres & Co.
Troubles At Sea