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6:50 PM · 25 June 2024

Carnival surges 9% on unexpected profit and strong Q2 sales

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Shares of US cruise tourist company Carnival (CCL.US) gains almost 9% today as the company reported adjusted earnings of $0.11 per share vs $0.31 last year and record, historic sales in Q2. Revenue growth slowed for the 8 quarter in a row, but increased 17.7% YoY to $5.78 billion. Carnival noted that sales were a record for the second quarter. Analysts expected $0.01 loss per share and slightly lower than reported, $5.68 billion sales. Also, lower operational costs and lower oil prices helped the company come back to profit.

The company indicated that is seeing strong business momentum now, with record sailings for the next year, which is higher than in 2024 in occupancy and prices. The company decided to lift 2024 adjusted net income to $1.55 billion by almost $275 billion. Analysts expected $1.37 billion. Carnival Q3 adjusted net income will increase by 35%, according to company commentary, to $1.58 billion, vs $1.54 billion expectations.

Carnival (CCL.US, D1 interval)

Source: xStation5

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