Carnival carded a $15m reversal for the first three months of fiscal 2014, overturning a profit of $37m in the same stretch a year ago.

Adjusted for a loss of $17m on fuel futures, its non-GAAP net income reached $2m.

The per share breakeven performance was stronger than the $0.08 per share loss projected by analysts and ahead of the company’s prior guidance.

Arnold Donald, chief executive of the cruiseship owner, said: "We see progress with our continental European brands and continue to be pleased with Carnival Cruise Lines' pace of improvement.”

Carnival is projecting non-GAAP earnings of negative $0.02 to positive $0.02 per share in the second quarter.  Analysts had been looking for a profit of $0.07 per share for the period.

Donald said: "We have experienced a solid wave season, with booking volumes up almost 20% globally surpassing last year's cumulative advance booking levels, albeit at lower prices.

“Many guests are booking further in advance, which increases visibility and builds confidence that yield comparisons will turn positive in the second half of 2014.”

For the full year Carnival is charting for non-GAAP earnings per share in the range of $1.50 to $1.70. This is again short of analysts’ expectations at $1.73.

Donald said: "We are on the path toward improved financial performance. We are working hard to maintain the momentum with additional product initiatives, continuous improvement in our already high guest satisfaction levels and greater utilization of our global scale."