Carnival Corporation nyse Ccl Steals Limelight with Stellar Q1 Earnings

Carnival Corporation (NYSE: CCL) Steals Limelight with Stellar Q1 Earnings

Carnival Corporation & plc (NYSE: CCL) stock gained the spotlight as the cruise operator reported better-than-expected first-quarter results.

Cruise giant Carnival Corporation (CCL) has impressed investors with its latest quarterly earnings report, surpassing profit and revenue forecasts.

The cruise line company reported a first-quarter loss per share of ($0.14), beating analyst estimates by $0.03, with revenue reaching $5.4 billion, slightly above the consensus estimate of $5.33 billion.

The company highlighted a significant improvement in its bottom line compared to the same period in 2023, with a nearly $500 million enhancement. The adjusted net loss also outperformed December guidance, attributed to robust demand driving ticket prices higher.

Booking volumes reached an all-time high during the first quarter, accompanied by significantly higher rates.

Josh Weinstein, the CEO of Carnival, expressed his satisfaction with the results, stating,

“This has been a fantastic start to the year. We delivered another strong quarter that outperformed guidance on every measure while concluding a monumental wave season that achieved all-time high booking volumes at considerably higher prices.”

Looking forward, Carnival remains optimistic about its prospects for the year ahead. The company foresees net yields to increase by around 9.5% compared to 2023, outperforming December’s guidance by over a point. This optimistic outlook stems from the sustained strength in demand and historically high occupancy levels. In addition, the company expects full-year adjusted EBITDA to reach around $5.63 billion, surpassing its December guidance.

For the second quarter, Carnival anticipates net yields to rise by around 10.5%, with adjusted EBITDA expected to reach approximately $1.05 billion.

Carnival Corporation (NYSE: CCL) Stock Reaction

CCL stock rose 0.94% to close at $17.19 on Wednesday. The traders had exchanged hands with 112,771,803 (112.77 million) shares compared to the average daily trading volume of 30.65 million.