🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Carnival shares slip despite record Q3 results and raised guidance

Published 09/30/2024, 09:54 AM
© Reuters
CCL
-

Carnival Corporation (NYSE: NYSE:CCL) reported record third-quarter operating results on Monday, beating analyst expectations and raising its full-year guidance for the third time this year. However, shares fell over 2% in early trading, suggesting investors may have been hoping for even stronger performance or guidance.

The cruise operator posted adjusted earnings per share of $1.27 for the quarter, surpassing the analyst consensus of $1.17. Revenue hit an all-time high of $7.89 billion, slightly above estimates of $7.82 billion and up $1.0 billion YoY.

Net income for Q3 reached $1.7 billion, a 60% increase compared to the same period last year. The company reported record operating income of $2.2 billion, exceeding 2023 levels by $554 million.

Carnival raised its full-year 2024 adjusted EBITDA guidance to approximately $6.0 billion, up over 40% compared to 2023 and about $200 million higher than its previous forecast. The company now expects net yields in constant currency to increase by approximately 10.4% for the full year compared to 2023.

"We delivered a phenomenal third quarter, breaking operational records and outperforming across the board," said Carnival Corporation & plc's Chief Executive Officer Josh Weinstein. "We are poised to deliver record operating performance for full year 2024."

Looking ahead, Carnival reported strong booking momentum for 2025, with cumulative advanced bookings above the previous 2024 record and prices in constant currency ahead of the prior year.

"With nearly half of 2025 booked and less inventory remaining for sale than the prior year, we are leveraging strong demand to achieve record ticket pricing (in constant currency)," added Weinstein.

Despite the positive results and outlook, Carnival's stock dipped over 2% following the announcement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.