MIAMI — Higher fuel costs and a sluggish Caribbean cruise market combined to reduce second-quarter profit 2 percent at Carnival Corp., the world's largest cruise operator reported yesterday.

Net income for the quarter ended May 31 was $380 million, or 46 cents per share, compared with last year's second-quarter profit of $388 million, or 47 cents per share. Wall Street analysts surveyed by Thomson Financial had forecast profit of 44 cents a share, on average.

While revenue rose 6 percent to $2.66 billion compared with the same period last year, executives at the Miami-based company said fuel costs were about 43 percent higher. Those high fuel prices are expected to continue through the rest of the year.

Micky Arison, Carnival's chairman and chief executive officer, said higher fuel prices cut earnings by $74 million, or 9 cents per share, in the second quarter.

The company also experienced a slower market in the Caribbean, particularly in its shorter 3- to 5-day cruises. Arison, however, said in a conference call with analysts that he expected that market to rebound and the company is seeking to boost bookings with "aggressive pricing strategies" in the Caribbean.

"I think we have to be careful in not overreacting to what historically has been temporary swings in demand," Arison said. "It's too short a trend at this stage to react to, and it's been too good a market for us."

Carnival shares rose $2.02, or 5.3 percent, to close at $40.19 on the New York Stock Exchange.

Carnival and other cruise lines suffered some setbacks because of last year's record Atlantic hurricane season, which damaged key ports in Mexico and New Orleans and depressed some demand. But Howard Frank, Carnival's vice chairman and chief operating officer, said storm anxiety doesn't appear to be a major factor this year for most customers.

Carnival said it is on track to meet its overall 2006 earnings forecast of $2.65 to $2.75 per share, with third-quarter earnings projected at $1.45 to $1.47 per share. Analysts expect an average of $2.72 a share for the year and $1.49 per share for the third quarter, according to Thomson Financial.

Frank, however, said because of the fuel costs and lower-priced Caribbean cruises, the company's net revenue yields will increase only 1 percent to 2 percent for the second half of the year. Yields are a key profitability gauge that measure net income earned from passengers per day from cruise tickets and onboard sales.