Carnival Corp. (NYSE: CCL) reported Q1 EPS of ($0.14), $0.03 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $5.4 billion versus the consensus estimate of $5.33 billion.

2024 Outlook

• Francis Scott Key Bridge in Baltimore:
• Given the timing of yesterday's event in Baltimore and the temporary change in homeport, our guidance does not include the current estimated impact of up to $10 million on both adjusted EBITDA and adjusted net income for the full year 2024.
• For the full year 2024, the company expects:
• Net yields (in constant currency) up approximately 9.5 percent compared to 2023, over a point better than December guidance, based on continued strength in demand and with occupancy at historical levels.
• Adjusted cruise costs excluding fuel (in constant currency) are $35 million better than December guidance, with adjusted cruise costs excluding fuel per ALBD (in constant currency) 0.5 percentage points higher than December guidance as a result of lower ALBD's from the Red Sea rerouting as certain ships reposition without guests.
• Adjusted EBITDA of approximately $5.63 billion, over 30 percent growth compared to 2023, and better than December guidance, despite the impact of the Red Sea rerouting of approximately $130 million or $0.09 adjusted EPS through November 2024.
• For the second quarter of 2024, the company expects:
• Net yields (in constant currency) up approximately 10.5 percent compared to 2023 levels, including the unfavorable impact from the Red Sea rerouting of 0.5 percentage points, with occupancy at historical levels.
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.0 percent compared to the second quarter of 2023, including the unfavorable impact of 1.3 percentage points as a result of lower ALBD's from the Red Sea rerouting as certain ships reposition without guests.
• Adjusted EBITDA of approximately $1.05 billion, over 50 percent growth compared to the second quarter of 2023.
• See "Guidance" and "Reconciliation of Forecasted Data" for additional information on the company's 2024 outlook.

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