Carnival Corp. (CCL) reports continued demand acceleration, tops Q2 consensus estimates
Carnival Corp. (NYSE: CCL) shares tumbled in early Monday trading on the back of its latest earnings report.
Despite topping earnings and revenue consensus expectations, CCL is down more than 7%, currently trading around the $15.56 mark.
The cruise line company reported a Q2 loss per share of $0.31, $0.03 better than the analyst estimate of a $0.34 loss per share. Revenue for the quarter came in at $4.9 billion versus the consensus estimate of $4.78 billion.
CCL stated its revenue for the second quarter was a record, as it saw a continued acceleration in demand, with total bookings made during the quarter reaching a new all-time high for all future sailings.
In addition, total customer deposits reached an all-time high of $7.2 billion, while cash from operations and adjusted free cash flow were positive in the second quarter of 2023.
For the full year 2023, CCL sees adjusted EBITDA of $4.10 billion to $4.25 billion, above March guidance's range and with a midpoint increase of $175 million. For Q3, it sees adjusted EBITDA between $2.05 billion and $2.15 billion.
By Sam Boughedda