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We're working aggressively to keep our strong momentum going through waves and beyond. Our paid search was up roughly 50% and our natural search was up almost 75%, all many, many multiples of our 5% capacity growth. In the fourth quarter, we carried more new to cruise, have more new-to-brand guests than we did in the fourth quarter of 2019. We've begun work with our Grand Bahamas shipyard partners on the construction of two floating dry docks, one of which will have the largest lifting capacity in the world. This will result in significant benefit in the future as we reduce travel time, preserve revenue days and, at the same time, reduce our fuel consumption.
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Carnival posts smaller loss, beats revenue estimates on steady cruising demand - Reuters
Carnival posts smaller loss, beats revenue estimates on steady cruising demand.
Posted: Thu, 21 Dec 2023 08:00:00 GMT [source]
In the second quarter of fiscal 2023, the company expects adjusted EBITDA in the range of $600-$700 million. Occupancy during the quarter is estimated to be more than 98%.For fiscal 2023, the company anticipates adjusted EBITDA in the range of $3.9-$4.1 billion. It expects sequential improvements in adjusted EBITDA (per ALBD) compared with 2019 levels. In fiscal 2023, the company anticipates occupancy to reach historical levels of 100% (or higher). “With much of this year on the books, we have even greater conviction in delivering record revenues and EBITDA, along with a step change improvement in operating performance, and have begun turning more of our attention to delivering an even stronger 2025,” Weinstein noted.
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Its quarterly revenue was up 22.0% compared to the same quarter last year. Carnival Co. & has generated $0.26 earnings per share over the last year ($0.26 diluted earnings per share) and currently has a price-to-earnings ratio of 54.3. Earnings for Carnival Co. & are expected to grow by 42.57% in the coming year, from $1.01 to $1.44 per share. Carnival Co. & has not formally confirmed its next earnings publication date, but the company's estimated earnings date is Monday, June 24th, 2024 based off prior year's report dates. We delivered another strong quarter that outperformed guidance on every measure, while concluding a monumental wave season that achieved all-time high booking volumes at considerably higher prices,” commented Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein. ALBD is a standard measure of passenger capacity for the period that we use to approximate rate and capacity variances, based on consistently applied formulas that we use to perform analyses to determine the main non-capacity driven factors that cause our cruise revenues and expenses to vary.
Carnival (CCL) Q1 Earnings Surpass Estimates, Increase Y/Y
In addition, the company amended an agreement with one of its credit card processors and now expects an additional $800 million to be returned during the first quarter of 2024, representing substantially all of the credit card reserves balance as of November 30, 2023. The cumulative advanced booked position is at considerably higher prices (in constant currency) than 2023 levels, with each quarter of 2024 booked above the high end of the historical range. Booking volumes during the third quarter continued at significantly elevated levels, setting a new third quarter record for total bookings during the quarter.
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Carnival Warns of Profit Hit From Baltimore Bridge Collapse - The Wall Street Journal
Carnival Warns of Profit Hit From Baltimore Bridge Collapse.
Posted: Wed, 27 Mar 2024 07:00:00 GMT [source]
And I keep asking David to change the fiscal year-end and like can we please start on January 1, like everybody else. Second, while dry-dock cost impact of full year guidance, the seasonality of dry-dock costs in the first quarter of 2024 as compared to the prior year drives the cost increase of about1.5 points to this quarter. Given economies of scale build our capacity growth, which is enhanced by taking delivery of larger and more efficient ships along with various other cost optimization initiatives. And looking forward, we will continue to evaluate refinancing opportunities and opportunistically pre-pay additional debt.
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Based on our 2024 guidance, we expect to deliver another big step forward, positioning us more than halfway toward realizing all our 2026 SEA Change targets. With nearly two-thirds of 2024 on the books already, we are well positioned to obtain another year of record revenues and adjusted EBITDA,” Weinstein noted. “We ended the year on a high note with another record-breaking quarter that exceeded expectations and achieved positive full year adjusted net income. In fact, we consistently outperformed in all four quarters of the year, buoyed by a strengthening demand environment across all our brands,” commented Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein. Functional currencies other than the U.S. dollar subject us to foreign currency translational risk.
CCL Earnings Estimates and Actuals by Quarter
Our absolute emissions are over 10% lower than the 2011 peak and that's despite capacity growth of 30% since then. All the efforts we're making to drive revenue and manage cost are expected to lead to a four point margin improvement in 2024. We're going to record EBITDA of over $5.5 billion, which is 30% higher than 2023. This will produce more than a 20% reduction in cost per ALBD in 2024 and significantly increase our bandwidth pipeline, resulting in both, better guest experience and higher onboard revenues, a clear win-win. There's much more to come, as we rolled out advancements to our yield management tools and lead generation techniques, continue to invest in sales and sales support and build on already strong relationships with our trade partners. Carnival Corporation has reported third quarter 2023 earnings and provides an outlook for the full year and fourth quarter 2023.
What is Rudi's Seagrill on Carnival cruise ships?
Total debt (current and long-term) as of Feb 28, 2023, was $35.1 billion compared with $34.5 billion as of Nov 30, 2022.Adjusted EBITDA, as of Feb 28, 2023, came in at 382 million against ($962) million reported in the prior-year quarter. During the second quarter, the company repaid $1.8 billion of debt principal including the remaining $0.2 billion outstanding under its revolving credit facility. The company ended the second quarter of 2023 with $7.3 billion of liquidity, including cash and borrowings available under the revolving credit facility.
Carnival Corp. Reports Q1 2024: Record Revenue
So I think that's setting us up well to be able to be in a pretty good position to give you this preliminary guidance for 2024. During 2023, we proactively addressed our debt profile as we successfully started our refinancing and deleveraging program. We accelerated our debt repayment efforts and aggressively manage down our interest expense.
“Looking forward over the next several years, we expect our robust revenue growth, responsible approach to capital investment, and ongoing efforts to refinance debt at favorable rates to deliver substantial free cash flow which will significantly reduce our leverage and build shareholder value,” Bernstein added. The company’s booked position for the remainder of the year continues to be the best on record, with both pricing (in constant currency) and occupancy considerably higher than 2023. This is a very good story for Carnival, and for the cruise industry more broadly. And it is important to note that cruises are usually booked well in advance. Carnival, for example, locked in a record $6.4 billion in customer deposits in the final quarter of 2023, up 31% since the fourth quarter of 2019. It is likely that many of the customers who have made deposits will be new-to-cruise customers.
Earnings per share and adjusted earnings per share for the three months ended August 31, 2023 includes the add-back of dilutive interest expense related to the company's convertible notes of $24 million. The add-back expense is anti-dilutive to the nine months ended August 31, 2023 calculation and accordingly has been excluded. PCD represents the number of cruise passengers on a voyage multiplied by the number of revenue-producing ship operating days for that voyage.
When Carnival reports its December-February quarter earnings on Wednesday, the company is expected to post $5.4 billion in revenues, up 22% from the same quarter last year, and a loss of $0.17 per share, an improvement of 69%. During 2023, the company generated cash from operations of $4.3 billion and adjusted free cash flow of $2.1 billion, making a significant contribution toward rebuilding the company's financial strength. So to start with, you saw our interest expense guidance in the press release. And keep in mind that while we did pay down quite a bit of debt, the average balance for the year is for 2024 is probably like $2.5 billion less than 2023. So that will lower interest expense by $200 million, but also keep in mind that we have less cash on the books and with declining interest income rates that probably is offsetting the savings by about $100 million.
This refinancing, along with our optimism about our future and the return of customer deposit reserves gave us some confidence to accelerate our debt repayment by calling $1.2 billion of our highest cost debt. I would like to thank our team members, ship and shore, the best in all of traveling measure travel and leisure unforgettable happiness to over 12 million guests this year by providing them with extraordinary cruise vacations for honoring the integrity of every ocean we sail, place we visit and life we touch. And thank you for the strong support from our travel agent partners as well as our royal guests, destination partners, investors and many other stakeholders.
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