Carnival(CCL) 2023Q2 Earnings Summary
Bullish Points:
1. For the quarter ended August 31, 2023, the company reported revenues of $6.854 billion, with passenger ticket revenues of $4.546 billion and onboard and other revenues of $2.308 billion.
2. Operating income for the quarter was $1.624 billion, compared to a loss of $279 million in the same period last year.
3. Net income for the quarter was $1.074 billion, compared to a net loss of $770 million in the same period last year.
4. Total comprehensive income for the quarter was $1.081 billion, compared to a loss of $1.052 billion in the same period last year.
5. As of August 31, 2023, the company had cash and cash equivalents of $2.842 billion and total shareholders' equity of $6.960 billion.
6. Revenue increased by $2.55 billion in the three months ended August 31, 2023, compared to the same period in 2022, and by $7.87 billion in the nine months ended August 31, 2023, compared to the same period in 2022.
7. Revenues in 2023 increased by $2.5 billion to $6.9 billion from $4.3 billion in 2022 due to the increase of ships in service and higher occupancy levels.
Bearish Points:
1. Total Debt as of August 31, 2023: $32,093 million
2. Long-Term Debt as of August 31, 2023: $29,516 million
3. Operating costs and expenses increased by $0.5 billion to $3.9 billion in 2023 from $3.4 billion in 2022, driven by the resumption of guest cruise operations, an increase in ships in service, and higher occupancy.
4. Interest expense, net of capitalized interest, increased by $96 million to $518 million in 2023 from $422 million in 2022, caused by a higher average interest rate.
5. Debt extinguishment and modification costs were $81 million in 2023 due to debt transactions during the quarter.
In summary, Carnival(CCL) has shown significant improvements in revenue, operating income, and net income compared to the previous year. However, the company still has a high level of debt and increased operating costs and expenses. For more information, you can read the original text of Carnival(CCL)'s financial report: https://www.sec.gov/Archives/edgar/data/815097/000081509723000066/ccl-20230831.htm
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