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Carnival Corp Exceeds Q2 Expectations


Carnival Corp, the cruise operator, has reported strong fiscal second-quarter results that exceeded expectations and provided an optimistic outlook for fiscal 2023. However, despite closing at a 13-month high on June 15 and soaring by 40.7% month-to-date through Friday, the company’s shares dipped by 3.2% in premarket trading on Monday.

Q2 Results

The net losses for the quarter to May 31 decreased to $407 million, or 32 cents per share, from the $1.83 billion, or $1.61 a share, incurred in the same period last year. The adjusted per-share loss of 31 cents beat FactSet’s loss consensus of 34 cents. In addition, the revenue surged by 104.5% to a record $4.91 billion, which beat the FactSet consensus of $4.79 billion. The passenger ticket revenue alone skyrocketed by 144.4% to $3.14 billion, while onboard and other revenue grew by 58.6% to $1.77 billion. The percentage of the vessel’s occupancy also increased from 69% to an impressive 98%.

Fiscal 2023 Outlook

Carnival Corp raised its outlook for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from $3.9 billion to $4.1 billion to $4.10 billion to $4.25 billion for fiscal 2023. Despite the rise in Delta variant cases in certain areas around the globe, bookings during the quarter have hit a record high for all future sailings, indicating an increase in demand.

Stock Performance

Carnival Corp’s shares have skyrocketed by 96.0% year-to-date through Friday, while the S&P 500 has gained 13.3%. Despite the slight dip in premarket trading, the intense growth of the company this year, particularly in June, shows a positive future ahead.

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