Carnival Corporation, a cruise line company, has reported better-than-expected earnings for the third quarter, resulting in a surge in its stock price. The company’s Q3 earnings per share came in at $0.86, surpassing the analyst estimate of $0.76. Additionally, the company’s revenue for the quarter reached $6.85 billion, exceeding the consensus estimate. Carnival Corporation’s strong financial performance can be attributed to high demand in the market, indicating a robust consumer appetite for travel. The company also set a new booking record for the third quarter, with booking volumes nearly 20% higher than 2019 levels.
Carnival Corporation’s CEO, Josh Weinstein, stated that the company’s improved commercial execution has contributed to the strong momentum and increased demand. He expressed confidence in the company’s future performance, mentioning that booking volumes for the quarter were significantly above capacity growth levels. Looking ahead, the company expects adjusted EBITDA of $800 million to $900 million for the fourth quarter and foresees net yields to increase compared to 2019, with occupancy in line with historical levels. For the full-year 2023, Carnival Corporation anticipates adjusted EBITDA of $4.1 billion to $4.2 billion, with a projected occupancy rate of 100% or higher. Furthermore, the company reported a promising advance booking position for fiscal year 2024, with higher prices than in 2023.
Overall, Carnival Corporation’s impressive financial results for the third quarter highlight the resurgent demand for travel and its positive outlook for the future. The company’s strong booking volumes, record customer deposits, and optimistic projections demonstrate its ability to capitalize on the recovering travel industry. With an anticipated increase in earnings and occupancy rates, Carnival Corporation is well-positioned to continue its growth trajectory in the coming months and years.
