Carnival, the cruise company that owned and operated the Costa Concordia, today said that its earnings this year could fall as much as 82%. 32 people lost their lives when the Costa Concordia sank off the Italian coast in January.

The Miami cruise line has reduced its forecast profits to between $1.40 and $1.70 a share. The company had previously forecast profits of $2.55 to $2.85 a share.

Carnival says the sinking of the Costa Concordia is the sole cause for this change. The company today posted losses of $139 million or 18 cents per share for the first quarter of 2012. This is in contrast to a profit of $152 million or 19 cents a share in the same quarter in 2011.