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Carnival Corp Releases 2023 Q3 Earnings; Record Revenue

• September 29, 2023

Carnival Corporation has reported third quarter 2023 earnings and provides an outlook for the full year and fourth quarter 2023.

Highlights:

• U.S. GAAP net income of $1.07 billion, or $0.79 diluted EPS, and adjusted net income of $1.18 billion, or $0.86 adjusted EPS, exceeded the June guidance range.
• Adjusted EBITDA of $2.22 billion also exceeded the June guidance range (see “Non-GAAP Financial Measures” below).
• Third quarter revenues hit an all-time high of $6.9 billion.
• Continued strength in close-in demand enabled the company to increase its net per diems guidance for full year 2023 by one percentage point to up approximately 7.0 percent compared to 2019 (in constant currency).
• Booking volumes during the third quarter and the month of September continued at significantly elevated levels.
• The company’s cumulative advanced booked position for full year 2024 is well above the high end of the historical range at higher prices (in constant currency) than 2023 levels.
• Total customer deposits reached a third quarter record of $6.3 billion.
• The company now expects fuel consumption per available lower berth day (“ALBD”) for full year 2023 to be nearly 16 percent lower than 2019, better than previously expected.
• The company reduced its debt by nearly $4 billion from its peak in the first quarter of 2023 and ended the third quarter with $5.7 billion of liquidity.

“We delivered over $1 billion to the bottom line with revenue reaching an all-time high,” commented Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein. “Both revenue and earnings significantly exceeded expectations this quarter enabling us to take up expectations for the year.”

Weinstein continued: “The outperformance was driven by strength in demand, with both our North America and Australia segment and Europe segment equally outperforming expectations. It is gratifying to see the power of our portfolio deliver, as our continental European brands have stepped up nicely. Our demand generation efforts are working across all regions, as we have consistently been achieving quarterly net per diems well in excess of 2019 levels, while closing the occupancy gap by 11 points over the course of the year.”

Weinstein added: “I continue to be encouraged with our revenue trajectory heading into next year as we see no signs of slowing from our consumers.”

Third Quarter 2023 Results

• For the first time since the resumption of guest cruise operations, U.S. GAAP net income turned positive, generating $1.07 billion, or $0.79 diluted EPS, marking a significant milestone. Adjusted net income of $1.18 billion, or $0.86 adjusted EPS, exceeded the June guidance range of $0.95 billion to $1.05 billion.
• Adjusted EBITDA of $2.22 billion also exceeded the June guidance range of $2.05 billion to $2.15 billion.
• Occupancy in the third quarter of 2023 was 109 percent, better than the company’s expectations and a return to historical levels.
• Gross margin per diems were down compared to 2019. Net per diems (in constant currency) exceeded 2019 levels, overcoming headwinds from the removal of St. Petersburg, Russia as a marquee destination and were approximately one percentage point above the midpoint of the June guidance range (see “Non-GAAP Financial Measures” below).
• Cruise costs per ALBD increased 8.9 percent as compared to the third quarter of 2019. Adjusted cruise costs excluding fuel per ALBD (in constant currency) increased 15 percent compared to the third quarter of 2019, in line with June guidance (see “Non-GAAP Financial Measures” below).
• Total customer deposits reached a third quarter record of $6.3 billion, surpassing the previous third quarter record of $4.9 billion (as of August 31, 2019), by 28 percent.

Booking volumes during the third quarter continued at significantly elevated levels, setting a new third quarter record for total bookings during the quarter.

“We are maintaining strong momentum and continuing to build demand through our improved commercial execution. Booking volumes during the quarter were running nearly 20 percent above 2019 levels and multiples of our capacity growth, which has continued into September. This has helped us extend the booking curve even further, with our North American brands exceeding historical highs and our European brands essentially achieving pre-pause levels,” said Weinstein.

The cumulative advanced booked position for full year 2024 is well above the high end of the historical range at higher prices (in constant currency) than 2023 levels. This aligns with the company’s yield management strategy to base load bookings, lengthen the booking curve and optimize net yields. Weinstein added, “Our booked position for 2024 is further out than we have ever seen and at strong prices. With less remaining inventory to sell, despite a five percent increase in capacity, we are well positioned to drive pricing higher and deliver strong yield improvement in 2024.”

2023 Outlook

For the full year 2023, the company expects:

• Adjusted EBITDA of $4.1 billion to $4.2 billion, within the June guidance range, despite the $125 million net unfavorable impact from fuel price and currency from June guidance
• Occupancy of 100 percent or higher
• Net per diems (in constant currency) up approximately 7.0 percent compared to 2019, one percentage point higher than the midpoint of June guidance, based on the continued strength in close-in demand
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) at the high end of June guidance range
• Fuel consumption per ALBD to be nearly 16 percent lower than 2019, better than previously expected

For the fourth quarter of 2023, the company expects:

• Adjusted EBITDA of $800 million to $900 million
• Net yields (in constant currency) up mid-single digits compared to 2019 with occupancy in line with historical levels and net per diems (in constant currency) up 7.0% to 8.0% compared to 2019

Financing and Capital Activity

Carnival Corporation & plc Chief Financial Officer David Bernstein noted: “We are accelerating our debt repayment efforts and aggressively managing down our interest expense. In just the last six months, we have reduced our debt balance by over 10 percent or nearly $4 billion. With improving performance, growing operating cash flows and $5.7 billion of liquidity, we are on a path to end the year with less than $31 billion of debt.”

The third quarter generated cash from operations of $1.8 billion and adjusted free cash flow of $1.1 billion. The company expects continued growth in adjusted free cash flow to be the driver for paying down debt over time.

The company took the following actions to proactively manage its debt portfolio since May 31, 2023:

• Completed a $1.3 billion senior secured first lien term loan B facility due 2027 and completed a $500 million private offering of first-priority Senior Secured Notes due 2029 to repay its existing U.S. dollar first-priority secured term loan facility maturing in 2025
• Called $1.2 billion of its highest cost debt
• Prepaid an additional $1.1 billion of debt with maturities from 2024 through 2027
• On an annualized basis, saved $200 million in gross interest expense and approximately $100 million in net interest expense as a result of lower interest income following these debt prepayments

During the third quarter of 2023, the company reduced its debt by $2.4 billion and ended the third quarter with $5.7 billion of liquidity, including cash and borrowings available under the revolving credit facility. In addition, $0.9 billion of customer deposit reserves were returned to the company, leaving a balance of $1.3 billion held in reserve by the credit card providers as of August 31, 2023. Substantially all of the credit card reserves are expected to be returned by the end of 2024.

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Carnival (CCL)

(delayed data from nyse).

+0.22 (1.49%)

Updated Apr 24, 2024 04:00 PM ET

After-Market: $14.98 -0.03 (-0.20%) 7:58 PM ET

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Zacks news for ccl, here's why investors should retain carnival (ccl) stock now, stock market news for mar 28, 2024, ccl: what are zacks experts saying now.

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Carnival (CCL) Reports Q1 Loss, Tops Revenue Estimates

Carnival (ccl) q1 earnings surpass estimates, increase y/y, compared to estimates, carnival (ccl) q1 earnings: a look at key metrics.

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4 Reasons to Buy Carnival Stock Like There's No Tomorrow

Shares of Carnival Corp. (NYSE: CCL) have been volatile since the pandemic restrictions eased.

The stock has recovered some of its losses during the crisis that shut down the cruise industry , but it's fallen this year as hopes for interest rate cuts have faded. Now, the sell-off looks like a good buying opportunity for value-minded investors. Here are four reasons why.

1. Carnival is posting record results

Don't be fooled by the weakness in the stock price. Carnival's top-line performance is as strong as ever. In its recent first-quarter earnings report, Carnival posted record first-quarter revenue at $5.4 billion, plus record net yields and net per diems, metrics that measure the revenue and profit per passenger per day, saying they significantly exceeded 2023 levels.

Booking volumes also hit an all-time high, and management said prices were "considerably higher" than a year ago. Deposits reached a first-quarter record as well at $7 billion, and the company raised its guidance to reflect the better-than-expected bookings and revenue trends.

The strong revenue growth shows there's strong demand for Carnival cruises despite economic uncertainty and geopolitical tensions.

2. The bottom line is improving

Carnival has a big debt hole to dig out of after borrowing billions to stay afloat during the pandemic, but it's making progress on the bottom line as well as the top line.

In the first quarter, the company reported a generally accepted accounting principles ( GAAP ) operating profit of $276 million, compared to a loss of $172 million in the same quarter the year before. It also narrowed its interest expense from $539 million to $471 million thanks to debt reduction, leading to a nearly $500 million improvement on the bottom line to a loss of $214 million. Investors should be aware that the first quarter is seasonally weak and Carnival company is on track for a GAAP profit for the full year.

On the basis of adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ), the company is profitable and is targeting EBITDA of $5.63 billion for the year, which is a 30% improvement from 2023 and includes a modest impact from rerouting due to the conflict in the Red Sea.

3. Carnival is expanding

Carnival continues to build new ships, refreshing its fleet and expanding its capacity to meet growing demand. In the recent earnings report, Carnival said it ordered its first newbuilds in five years, adding two ships that will come online in 2027 and 2028.

It also just welcomed the Carnival Jubilee to its fleet, which took its maiden voyage in December 2023, and the Carnival Firenze is set to debut this spring.

The ships coming online now should help drive revenue and profits higher, and the newbuild purchases show the company's confidence in long-term demand for its cruises.

4. The stock is well priced

Valuing Carnival right now is a little tricky because of its debt burden and because it grew its share count significantly during the pandemic restrictions to raise funds.

However, according to most popular metrics, the stock looks like a bargain. On a forward P/E basis, the stock trades at a valuation of just 14, which looks like a great price for a company that's recovering from the pandemic. While that ratio doesn't include Carnival's debt, it does take the interest expense into account, showing that the company can service that debt and still deliver a strong profit.

Compared to its pre-pandemic price, Carnival is still down by more than two-thirds, and it seems reasonable to expect the stock to return to that level as it pays down debt and continues to benefit from strong demand.

Meanwhile, the Federal Reserve is expected to lower interest rates later this year, which would help Carnival refinance its fixed-rate debt and see lower rates on its variable-rate debt.

Over the coming years, there are a number of levers that Carnival can pull to grow the business, and that should make the stock a winner.

Should you invest $1,000 in Carnival Corp. right now?

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The Analyst, Treasury is an integral member of the Corporate Treasury team and will be responsible for supporting the Capital Markets and Cash Management teams. The Analyst will assist with capital structure management, including through capital markets transactions and bank loan financings, and derivatives. The analyst will assist with debt portfolio administration, including financial covenant administration and legal documentation analysis. Responsibilities will include assisting with ad hoc transaction analysis and strategic initiatives, such as interest income/expense forecasting, liquidity modelling and interest rate all-in cost analysis for our export credit financings. The Analyst will also participate in global strategic initiatives and technology projects.  The Analyst will serve several administrative functions, including record keeping, internal communications, periodic wire payments and creation of suppliers.   The Analyst will interact with a wide range of stakeholders across the company, including our banking partners, Corporate Accounting, Corporate Financial Planning and Analysis and Corporate Legal teams. The Analyst will also assist with gathering and analyzing relevant data for our quarterly earnings release and will support our Corporate Accounting team with the review of debt related footnotes and disclosures in our 10Q/10K external filings.   

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• A minimum of 1-3 years overall experience, including treasury, accounting, or banking.     
• Ability to follow procedures for payment processing. Excellent Excel skills.  Critical thinking capability to assess data and make recommendations to management.
• Ability to handle multiple workstreams and projects simultaneously.  Strong interpersonal, critical thinking and problem-solving skills.  Strong communication skills - verbal, written, listening and presentation with the ability to work with all levels of management in offices across the organization.  Strong organizational skills and detail oriented with the ability to work collaboratively and independently.  Ability to work in a global team environment.   
• Working knowledge of debt capital markets preferred. Experience with debt portfolio management, treasury operations, accounting, corporate or investment banking preferred.  Experience in a multi-national treasury organization or a financial institution preferred.  Strong Excel skills, analytical skills, and communication skills preferred.     

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The range for this role’s base salary is $51,600 - $95,000.  Offers to selected candidates will be made on a fair and equitable basis, taking into account specific job-related skills and experience.  

At Carnival, your total rewards package is much more than your base salary. All non-sales roles participate in an annual cash bonus program, while sales roles have an incentive plan. Director and above roles may also be eligible to participate in Carnival’s discretionary equity incentive plan. Plus, Carnival provides comprehensive and innovative benefits to meet your needs, including:

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• Paid vacation and sick time
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• An on-site fully accredited preschool educational program located at our Doral campus
• An on-site Wellness Center and Health clinic at our Doral campus

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Carnival stock ticks up on q3 earnings beat, profit forecast.

Cruise operator Carnival Corp. ( CCL ) shares set sail this morning, rising after Friday's opening bell on the cruise line's third-quarter earnings. Carnival reported all-time-high third-quarter revenues of $6.9 billion. Yahoo Finance Live breaks down the travel demand driving profit forecasts and investor optimism directed at the stock

Yahoo Finance Executive Editor Brian Sozzi will be interviewing Carnival Corporation President, CEO, and Chief Climate Officer Josh Weinstein later today at 3:00 P.M. ET.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

BRAD SMITH: Carnival Corporation shares, you're seeing them move higher by about 2%. The company releasing their Q3 earnings this morning. And analysts saying that they're riding high tide. Robust demand and elevated onboard spelling good news for the cruise company.

Yahoo Finance's very own Brian Sozzi is interviewing Josh Weinstein, who is the Carnival Corporation's CEO and president today. You can catch that at 3:00 here. But even as we continue to evaluate what's the broader sentiment is for some of the cruise line operators, they have been some of the outperformers over the course of this year.

And a larger question of whether or not these re-engagement campaigns, where you had customers that were going to set sail last year maybe, maybe the year prior when they were looking for more guidance from the CDC, looking for the all-clear that you would see full capacity on these cruise line operators and not just a kind of gated capacity plus restrictions on top of that. I think for the cruise line operators, they've done a good job of attempting to make sure that in those re-engagement campaigns, not only do you have a customer that has been pent up waiting to get into these experiences-- not me, not going on a cruise-- but not only just waiting to get onto the cruise but also looking to spend more while they are in that experience, too. And that's paid off.

SEANA SMITH: Yeah, and that's critical here for the cruise lines going forward. You mentioned their outperformance this year. They are among the best performers in the S&P since the start of the year. When you take a look at the performance of Carnival, when can take a look at the performance of one of their rivals, Royal Caribbean, Carnival is up more than 80% since the start of the year.

Royal Caribbean up more than 90%. So we certainly have seen a massive bounce back in these stocks since the start of the year. But digging a little bit deeper into this report, getting a beat on both the top and bottom lines here for the company revenue up nearly 60%, 59% on a year over year basis. Adjusted EPS coming in at $0.86 a share.

Passenger Cruise Days at 25.8 million. That's up 46% from just about a year ago. And some of the commentary here from Weinstein, who we'll hear from later on this afternoon on Yahoo Finance, but Weinstein saying that the outperformance was driven by strength in demand with both our North America and Australia segment, as well as their Europe segment, equally outperforming expectations. He also went on to say that with less remaining inventory to sell despite a 5% increase in capacity, we are well positioned to drive pricing higher and also deliver strong yield improvement in 2024.

And we're seeing that reflected in the price move here at the open with the stock up another 4% here right above $15 a share. But going back, Brad, to the point that you were making here. It all comes down to the consumer, their willingness to spend, and not only on buying the trips and getting on board of these cruise ships but also the spending and what we're seeing exactly play out once they're on the ships.

BRAD SMITH: I think it also says that at least at this point in time, too, you're looking at a Carnival that's in a much better position to perhaps pull back on some of the marketing spend in re-engagement campaigns or just trying to attract net new customers as well, as things start to normalize or at least eliminate some of the chop on the high seas, if you will.

• Royal Caribbean Cruises-stock
• News for Royal Caribbean Cruises

Royal Caribbean Cruises is about to announce earnings — here's what Wall Street expects

• Royal Caribbean Cruises will report earnings from the last quarter on April 25.
• Analysts expect Royal Caribbean Cruises will release earnings per share of $1.33.
• Watch Royal Caribbean Cruises stock price move in real-time ahead here.

On April 25, Royal Caribbean Cruises will be reporting latest earnings.

17 analysts are expecting earnings of $1.33 per share as opposed to losses of $0.230 per share in the same quarter of the previous year.

Wall Street is expecting $3.69 billion, an increase of 27.89% over the prior year quarter.

For the fiscal year, analysts expect earnings per share of $10.01 compared to $6.63 in the previous year. On average, they are expecting revenue to come in at $16.09 billion, compared to $ 13.90 billion last year.

This story was written by Markets Insider's RoboEddy, which automatically writes these stories based on data provided by our partners.

Royal Caribbean Cruises News MORE

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