Carnival Corporation reported better-than-expected earnings and revenue for the third quarter, resulting in a surge in the company’s stock price. The cruise line company’s shares reached a high of $15.24 before retracting. Carnival Corporation’s Q3 earnings per share were $0.86, surpassing the analyst estimate of $0.76, and its revenue for the quarter amounted to $6.85 billion, above the consensus estimate of $6.7 billion. The company experienced strong demand during the quarter, with record customer deposits of $6.3 billion and significantly elevated booking volumes.
Carnival Corporation’s Chief Executive Officer, Josh Weinstein, attributed the company’s success to improved commercial execution and strong momentum. Booking volumes during the quarter were almost 20% higher than in 2019, setting a new third-quarter record for total bookings. Looking ahead to the fourth quarter, the company expects adjusted EBITDA of $800 million to $900 million and mid-single digit net yield growth compared to 2019. For the full-year 2023, Carnival Corporation anticipates adjusted EBITDA of $4.1 billion to $4.2 billion and full occupancy or even higher.
Moreover, the company’s advanced bookings for fiscal year 2024 are surpassing historical levels, indicating a positive trend for future demand. These bookings are also at higher prices than those seen in 2023. Carnival Corporation’s strong financial performance reflects the robust consumer appetite for travel. The company’s ability to maintain strong momentum and exceed expectations suggests positive growth and stability in the cruise industry, despite the challenges faced during the pandemic.