(Updated - March 22, 2022 9:18 AM EDT)

Carnival Corp. (NYSE: CCL) reported Q1 EPS of ($1.66), $0.76 worse than the analyst estimate of ($0.90). Revenue for the quarter came in at $1.62 billion versus the consensus estimate of $2.32 billion.

Update on Bookings

Donald added, "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.

During the first quarter, the company increased its booked occupancy position for the second half of 2022, albeit not at the same pace as a typical wave season due to the Omicron variant. As a result, cumulative advance bookings for the second half of 2022 are at the lower-end of the historical range. However, the company believes it is well situated with its current second half 2022 booked position given the recent improvements in booking volumes and its continued expectation that occupancy will build throughout 2022 and return to historical levels in 2023. Normalized for bundled packages, prices on bookings for the second half of 2022 continue to be higher, with or without future cruise credits ("FCCs"), as compared to 2019 sailings.

Cumulative advanced bookings for the first half of 2023 continues to be both at the higher end of the historical range and at higher prices, with or without FCCs, normalized for bundled packages, as compared to 2019 sailings. (Due to the ongoing resumption of guest cruise operations, the company's current booking trends will be compared to booking trends for 2019 sailings.)

Total customer deposits increased to $3.7 billion as of February 28, 2022 from $3.5 billion as of November 30, 2021.

Available Lower Berth Days ("ALBDs")

The company's ALBD forecast consists of contracted new ships, announced removals and planned restart schedule.

For earnings history and earnings-related data on Carnival Corp. (CCL) click here.