Carnival gains 5% after better quarterly earnings 📌

Carnival Corporation (CCL.US) reported a significant improvement in its fourth-quarter earnings, surpassing expectations with a loss of 7 cents per share, a notable improvement from the 85-cent loss a year prior. Revenue also saw a substantial increase, growing 41% to $5.4 billion, slightly above the anticipated $5.3 billion. CEO Josh Weinstein highlighted the quarter as a record-breaking one that not only exceeded expectations but also marked a positive full-year adjusted net income. The company's occupancy rate exceeded 101%, aligning with expectations and historical levels, and customer deposits surged by 25% compared to the previous year. Following these results, CCL's stock saw an approximate 5% increase.

Looking forward to 2024, Carnival is optimistic, with Weinstein noting the company's best-ever booked position for the upcoming year, with nearly two-thirds of occupancy already secured at significantly higher prices. The company anticipates a strong momentum in bookings, particularly from its European brands. For 2024, Carnival expects adjusted EBITDA to be around $5.6 billion, indicating over 30% growth from 2023, with net yields expected to grow by 8.5% and full-year occupancy returning to historical norms. The first quarter alone is projected to see adjusted EBITDA of $800 million, more than double that of the same period in 2023, and a 16.5% growth in net yields. These forecasts reflect a robust recovery and growth trajectory for Carnival, positioning it well for the coming year.

Source: xStation 5