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Carnival earnings float above expectations, despite problems

Carnival reported quarterly earnings and revenue that topped market expectations on Friday, though shares lost ground amid reports that another of its ships was experiencing problems during a cruise.

The company's forecast for the year also was below analysts' expectations, and shares fell 4.8 percent in early morning trading.

The company posted first-quarter earnings excluding items of 8 cents per share, up from 2 cents a share in the year-earlier period.

Related story - More trouble for Carnival: One ship stuck as a second limps home

Revenue edged up to $3.59 billion from $3.58 billion a year ago.

Analysts had expected the Miami-based company to report earnings excluding items of 2 cents a share on $3.55 billion in revenue, according to a consensus estimate from Thomson Reuters.

Carnival's upbeat earnings news countered news reports of a number of its cruise ships experiencing operational problems. After Carnival Dream suffered from problems with an on-board generator while docked in St. Maarten Thursday, the company said later in the day that "a technical issue" affecting the sailing speed of the Carnival Legend forced the cancellation of a stop at Grand Cayman Islands.