Carnival beats top-line and bottom-line estimates; initiates Q4 and raises FY24 outlook
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11 hours ago
- Carnival press release (NYSE:CCL): Q3 Non-GAAP EPS of $1.27 beats by $0.12.
- Revenue of $7.9B (+15.3% Y/Y) beats by $80M.
- Record adjusted EBITDA of $2.8 billion increased over 25 percent compared to 2023 and outperformed June guidance by $160 million.
- Cruise costs per available lower berth day increased 3.4 percent compared to 2023.
- Total customer deposits reached a third quarter record of $6.8 billion, surpassing the previous third quarter record of $6.3 billion as of August 31, 2023, despite lower capacity growth.
- Outlook: As a result of strong demand and cost saving opportunities, raised its full year 2024 adjusted EBITDA guidance to approximately $6.0 billion, up over 40 percent compared to 2023 and better than June guidance by nearly $200 million.
- The cumulative advanced booked position for full year 2025 is above the previous 2024 record, with prices (in constant currency) ahead of the prior year.
- Adjusted return on invested capital of approximately 10.5 percent, an improvement of approximately 5.0 percentage points compared to 2023 and half a point better than June guidance.
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For the fourth quarter of 2024, the company expects:
- Net yields (in constant currency) up approximately 5.0 percent compared to particularly strong 2023 levels.
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 8.0 percent compared to the fourth quarter of 2023 due primarily to higher dry-dock days and higher investment in advertising.
- Adjusted EBITDA of approximately $1.14 billion, up 20 percent compared to the fourth quarter of 2023.