Cruise News - Maritime News

Carnival Corporation & PLC has reported exceptional financial results for the third quarter of 2024, setting new records and surpassing previous guidance.

The company's performance has been so strong that it has raised its full-year 2024 guidance for the third time.

Financial Highlights

Carnival Corporation & PLC achieved record-breaking results in several key areas:

• Net income reached $1.7 billion, a substantial increase of over 60% compared to the same period in 2023.
• Adjusted net income stood at $1.8 billion, exceeding June guidance by $170 million.
• Revenues hit an all-time high of $7.9 billion, up $1.0 billion from the prior year.
• Operating income set a new record at $2.2 billion, surpassing 2023 levels by $554 million.

Operational Performance

The company's strong financial results were driven by robust operational performance:

• Net yields (in constant currency) increased by 8.7% compared to 20233.
• Both ticket prices and onboard spending saw mid-single-digit growth3.
• Total customer deposits reached a third-quarter record of $6.8 billion.

Future Outlook

Carnival Corporation & PLC has raised its full-year 2024 guidance:

• Adjusted EBITDA is now projected to be approximately $6.0 billion, up over 40% compared to 2023.
• The company expects an adjusted return on invested capital of approximately 10.5%.

For the fourth quarter of 2024, Carnival anticipates:

• Net yields to be up approximately 5.0% compared to 2023.
• Adjusted EBITDA of approximately $1.14 billion, a 20% increase from Q4 2023.

Strategic Initiatives

Carnival Corporation & PLC is focusing on strategic growth and financial stability:

• The company ordered three additional ships for Carnival Cruise Line, set for delivery in 2029, 2031, and 2033.
• Continued debt reduction efforts, with $625 million in debt prepaid since June 2024.
• Increased borrowing capacity by nearly $500 million, bringing total undrawn commitment to $3.0 billion.

CEO Josh Weinstein expressed confidence in the company's performance, stating, "We delivered a phenomenal third quarter, breaking operational records and outperforming across the board."1 The strong results and positive outlook demonstrate Carnival Corporation & PLC's robust recovery and growth in the cruise industry.

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