Carnival Q3 Earnings: 15% Topline Growth, Record Operating Income, Guidance Boost And More

Benzinga09-30

Carnival Corp (NYSE:CCL) stock slid Monday following the third-quarter print.

The company reported third-quarter adjusted EPS of $1.27, beating the analyst consensus estimate of $1.16.

Carnival reported quarterly sales of $7.90 billion, up 15.2% year over year, beating the street view of $7.83 billion.

Also Read: Cruise Stocks To Sail Smoothly Into 2025: Analyst Sees ‘Zero Signs Of Softening’

The company registered an operating income of $2.2 billion, up by 34% Y/Y. Adjusted EBITDA in the quarter under review pegs at $2.8 billion, up 25% Y/Y.

The company continues to experience strong bookings momentum driven by booking volumes for 2025 sailings. The company ended the quarter with $4.5 billion of liquidity.

“Our strong improvements were led by high-margin, same-ship yield growth, driving a 26 percent improvement in unit operating income, the highest level we have reached in fifteen years,” commented Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein.

Outlook: Carnival projects fourth-quarter net yields (in constant currency) up approximately 5.0%.

It expects fourth-quarter adjusted EPS of $0.05, below the estimate of $1.16. It expects fourth-quarter adjusted EBITDA of approximately $1.14 billion, up 20% Y/Y.

For 2024, the company expects net yields  (in constant currency) up approximately 10.40% Y/Y (prior view: 10.25%). Carnival expects adjusted EPS of $1.33 (prior view: $1.18), above the consensus of $1.21. It projects adjusted EBITDA of approximately $6.0 billion, up 40% Y/Y (prior view: $5.83 billion).

Carnival stock is up over 32% in the last 12 months. Investors can gain exposure to the stock through Vanguard Mid-Cap Growth ETF (NYSE:VOT) and iShares Russell Mid-Cap ETF (NYSE:IWR).

Price Action: CCL stock is down 2.08% to $18.16 at last check Monday.

Image: Viola from Pixabay

Also Read:

  • Cruise Industry Sees Steady Rise In Web Traffic While Other Travel Sectors Decline
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