Carnival Corp. (NYSE: CCL) reported Q1 EPS of ($0.55), $0.05 better than the analyst estimate of ($0.60). Revenue for the quarter came in at $4.4 billion versus the consensus estimate of $4.32 billion.

2023 Outlook

For the full year 2023, the company expects:

• Adjusted EBITDA of $3.9 billion to $4.1 billion
• Includes approximately $0.5 billion unfavorable impact from fuel price and currency compared to 2019
• Sequential improvement in each quarter in adjusted EBITDA per ALBD compared to 2019, driven by closing the gap in occupancy to 2019 levels while achieving net per diems above 2019 levels
• Occupancy of 100% or higher, returning to historical levels this summer
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) one point higher than December guidance, reflecting an expected increase in occupancy levels and strategic decisions taken during the quarter

For the second quarter of 2023, the company expects:

• Adjusted EBITDA of $600 million to $700 million, a significant improvement compared to the first quarter of 2023
• Occupancy of 98% or higher
• A seven percentage point gap (or less) from 2019
• An improvement from a 13 percentage point gap for the first quarter of 2023 compared to 2019
• Net per diems of 2.5% to 3.5% (in constant currency) above 2019 levels
• Net per diems reflect the changing brand mix and cabin mix as compared to the first quarter
• Net yields (see "Non-GAAP Financial Measures" below) of $160, higher than first quarter of $149, which reflects continuing net yield improvement
• Adjusted cruise costs excluding fuel per ALBD higher than first quarter of 2023, reflecting an expected increase in occupancy levels and higher dry-dock related expenses

See "Guidance" for additional information on the company's 2023 outlook.

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