Carnival Posts First Profit Since 2020 as Bookings Surge, But Rising Costs Temper Outlook

Carnival posted its first quarterly profit since 2020 as revenue hit a record $6.85B, fueled by a surge in bookings. Earnings of 79 cents per share beat estimates.
Bookings reached new highs, running nearly 20% above 2019 levels, as post-pandemic travel demand boomed. North American bookings hit records.
However, Carnival expects rising fuel costs to impact profit margins in Q4. It issued weaker guidance of $800M-$900M in EBITDA vs. estimates of $950M.
Shares fell nearly 5% on the news despite being up over 70% year-to-date amid the travel/hospitality sector rebound.
Carnival is confident booking momentum could continue into 2024, with its position further out than ever before at strong prices.

Carnival posted its first quarterly profit since 2020 as revenue hit a record $6.85B, fueled by a surge in bookings. Earnings of 79 cents per share beat estimates.
Bookings reached new highs, running nearly 20% above 2019 levels, as post-pandemic travel demand boomed. North American bookings hit records.
However, Carnival expects rising fuel costs to impact profit margins in Q4. It issued weaker guidance of $800M-$900M in EBITDA vs. estimates of $950M.
Shares fell nearly 5% on the news despite being up over 70% year-to-date amid the travel/hospitality sector rebound.
Carnival is confident booking momentum could continue into 2024, with its position further out than ever before at strong prices.