Key Takeaways
- Carnival Corporation reported better-than-expected fiscal first-quarter profit and record-setting revenue.
- CEO Josh Weinstein said the cruise line saw “incredibly strong demand” in the period.
- The positive performance was tempered by Carnival’s current-quarter outlook, which missed analysts’ forecasts.
Carnival Corporation (CCL) reported better-than-expected fiscal first-quarter profit and record-setting revenue Friday, although its current-quarter outlook came up shy of estimates.
The company reported adjusted earnings per share (EPS) of $0.13, with revenue setting a first-quarter record of $5.81 billion. Both topped Visible Alpha forecasts.
CEO Josh Weinstein said the performance was driven by “incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending.”
Weinstein added that while the company was “not completely immune from the heightened macroeconomic and geopolitical volatility,” Carnival remains “on track to have another stellar year across our cruise brands.”
Carnival now sees full-year adjusted EPS of $1.83, up from its previous estimate of $1.70. Weinstein noted the higher outlook “incorporates our increased first-quarter yield results and reduced interest expense thanks to our recent successful refinancings.”
Q2 Outlook Weaker Than Expected
The company sees second-quarter fiscal 2025 adjusted earnings per share (EPS) of $0.22, and adjusted EBITDA of $1.32 billion. Analysts surveyed by Visible Alpha were looking for $0.24 and $1.37 billion, respectively.
Shares of Carnival Corporation were little changed in late-morning trading. They are up about 25% over the past year.
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