Carnival Corporation (NYSE:CCL) (Carnival Corporation (NYSE:CCL)) reported record third-quarter revenue, helping the cruise operator book its first quarterly profit since before the Covid pandemic.
"We delivered over $1 billion to the bottom line with revenue reaching an all-time high" said chief executive Josh Weinstein. "Both revenue and earnings significantly exceeded expectations this quarter enabling us to take up expectations for the year."
Weinstein said the outperformance was driven by strength in demand, with North America, Australia and Europe equally outperforming expectations.
Carnival said booking volumes during the third quarter and September continued at "significantly elevated levels" and the advanced booked position for full year 2024 is well above the high end of the historical range, at higher prices than 2023.
The company said in the three months to August 31 revenue rose 59% to $6.85 billion, from $4.31 billion the year prior, and net income of $1.07 billion, swinging from a net loss of $770 million previously.
Diluted EPS totalled $0.79 compared to LPS of $0.65 the year before.
Looking ahead to the full-year, the company expects adjusted Ebitda of $4.1 billion to $4.2 billion, within the June guidance range, occupancy of 100% or higher and net per diems up around 7.0%, one percentage point higher than the midpoint of June guidance.
Adjusted cruise costs excluding fuel are expected at the high end of June guidance range but fuel consumption is seen nearly 16% lower than in 2019, better than previously expected.
Carnival shares were trading 0.3% lower at 1,045p in London but 0.6% higher at $14.53 in New York.