Carnival Corp. (NYSE: CCL) reported Q2 EPS of ($0.31), $0.03 better than the analyst estimate of ($0.34). Revenue for the quarter came in at $4.9 billion versus the consensus estimate of $4.78 billion.

2023 Outlook

For the full year 2023, the company expects:

• Adjusted EBITDA of $4.10 billion to $4.25 billion, above March guidance's range and with a midpoint increase of $175 million
• Includes approximately $0.5 billion unfavorable impact from fuel price and currency compared to 2019
• Continued sequential improvement in each quarter in adjusted EBITDA per ALBD as compared to 2019, driven by maintaining net per diems above 2019 levels while closing the gap in occupancy to 2019 levels (see "Non-GAAP Financial Measures" below)
• Occupancy of 100% or higher
• Net per diems of 5.5% to 6.5% (in constant currency) two and a half points higher than March guidance, based on the acceleration of its strong demand profile
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) one and a half points higher than March guidance, due to a slower expected ramp down in inflationary pressures than previously estimated, incentive compensation increases reflecting expected improvements in the company's current and long-term performance and continued increases in advertising investments
• For the third quarter of 2023, the company expects:
• Adjusted EBITDA of $2.05 billion to $2.15 billion, a significant improvement compared to the second quarter of 2023 and adjusted net income of $0.95 billion to $1.05 billion
• Occupancy of 107% or higher
• The company expects net yields compared to 2019 (in constant currency) to be positive for the second half of the year, despite the headwinds from the loss of St. Petersburg as a marquee destination due to the suspension of cruises to Russia.

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