Carnival Corp (NYSE:CCL) reported better-than-expected financial results for the first quarter and raised its full-year profit guidance.
The cruise operator expects net income to be up 30% compared to 2024, better than its December guidance by $185 million.
“While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year and we remain on track to have another stellar year across our cruise brands,” Carnival CEO Josh Weinstein said in a statement.
“This raise incorporates our increased first quarter yield results and reduced interest expense thanks to our recent successful refinancings.”
The company achieved record first quarter revenue of $5.8 billion, topping Wall Street estimates of $5.75 billion.
Adjusted earnings per share were $0.13, outperforming December guidance by $173 million and Street estimates of $0.02 per share by $0.11.
“Our first quarter was truly characterized by outperformance,” Weinstein said.
Despite the positive report, Carnival shares traded down 4.6% at about $20 in early trade on Friday.