Cruise Giant Carnival Sails to Record Revenue, Projects Sunny 2024

Last updated: December 23, 2023

Carnival Corp. (CCL) shares took a joyride Thursday, following the company’s announcement of record-breaking fourth-quarter and full-year revenue. The cruise operator also painted a rosy picture for 2024, sparking investor enthusiasm.

Cruise Giant Carnival Sails to Record Revenue, Projects Sunny 2024
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The company’s revenue for Q4 soared to $5.4 billion, a 40% increase from the same period last year and a 13% rise from pre-pandemic 2019. The full-year revenue hit a record $21.6 billion, as travel-hungry consumers splurged their saved-up cash.

Carnival’s net loss for Q4 shrank to $48 million from a staggering $1.6 billion a year ago. Adjusted net income for the full year stood at $1 million, marking 2023 as the company’s first profitable year since the pandemic hit.

Looking ahead, the company’s management is all smiles. Thanks to robust demand in the latter half of 2023, two-thirds of 2024’s occupancy is already booked. “We continue to experience strong bookings momentum across the board,” said CEO Josh Weinstein, noting particularly strong performance from their European brands.

Carnival also emphasized its commitment to reducing its debt, a crucial move as rising interest rates hike up borrowing costs. After paying off about $6 billion throughout the year, the company’s long-term debt stood at just over $30 billion at the end of Q4.

Carnival’s shares, which have more than doubled this year, leaped as much as 7% to a five-month high on Thursday afternoon. Other cruise operators, Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean (RCL), rode the wave, each gaining about 5%.

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