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Carnival Misses Earnings, Revenue Estimates

·2 min read

By Sam Boughedda

Investing.com -- Carnival Corporation (NYSE:CCL) reported earnings Tuesday before the open, missing analyst estimates for both earnings per share and revenue.

The cruise line stock initially fell in the aftermath of the report, however, it is now up 1.3% on the day after regaining those early losses, which saw it open the session at $18.64.

Carnival announced earnings per share of -$1.66 on revenue of $1.62 billion. Analysts polled by Investing.com anticipated EPS of -$1.22 on revenue of $2.3 billion.

In the company's cruise segments, revenue per passenger cruise day for the quarter increased around 7.5% compared to 2019. Carnival said this was due to "exceptionally strong" onboard and other revenue.

As of March 22, Carnival said 75% of its capacity had resumed guest cruise operations, with each of its brand's full fleet back in guest cruise operations for its respective summer season, when it believes monthly adjusted EBITDA will then turn positive.

"Since the middle of January, the company has seen an improving trend in weekly booking volumes for future sailings. Recent weekly booking volumes have been higher than at any point since the restart of guest cruise operations," stated Carnival.

Carnival Corporation President and CEO Arnold Donald stated: "Given the recent strengthening in booking volumes coupled with the closer-in booking patterns, we expect an extended wave season. In fact, we gained occupancy even in the month of March with fleetwide occupancy nearing 70 percent and several sailings already exceeding 100 percent."

"Since the middle of January, the company has seen an improving trend in weekly booking volumes for future sailings. Recent weekly booking volumes have been higher than at any point since the restart of guest cruise operations."

Looking ahead, Carnival said the ongoing resumption of its guest cruise operations and the increased uncertainty given the current invasion of Ukraine, including its effect on the price of fuel, are having a material impact on its business.

Therefore, they see a net loss for the second quarter. However, the company expects a profit for Q3, but a full year 2022 net loss.

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