Carnival Hits Record Q3 Earnings, Ups 2024 Forecast
Carnival Corporation & plc has announced a record-breaking third quarter, with significant increases in income and revenues, prompting the company to raise its full-year earnings guidance for the third time this year. This remarkable performance underlines Carnival’s robust recovery and growing strength in the global cruise market.
For the third quarter, Carnival reported a staggering income of $1.7 billion, marking a 60% increase from the same period in 2023. Revenues reached an all-time high of $7.9 million, up by $1 billion compared to the previous year, while operating income soared to $2.2 billion—a 34% increase from 2023. These results highlight the company’s successful strategies and operational efficiency.
Josh Weinstein, CEO of Carnival, expressed his enthusiasm about the results, stating, “We delivered a phenomenal third quarter, breaking operational records and outperforming across the board. Our strong improvements were led by high-margin, same-ship yield growth, driving a 26 percent improvement in unit operating income, the highest level we have reached in fifteen years.”
Looking forward to 2024, Carnival has revised its full-year adjusted EBITDA guidance upwards to $6 billion, an increase of nearly $200 million from its previous estimate in June. This optimistic revision is driven by the company’s continuous strong performance and strategic initiatives that boost profitability.
The future also looks promising with advanced bookings. Carnival’s bookings for 2025 are already outpacing the record levels of 2024, with higher prices expected. Additionally, 2026 is off to a strong start, as the company has experienced record booking volumes over the last three months. Weinstein highlighted the strong demand and limited inventory for the coming years, stating, “With nearly half of 2025 booked and less inventory remaining for sale than the prior year, we are leveraging strong demand to achieve record ticket pricing.”
Carnival’s success is attributed to its effective demand generation efforts and the delivery of exciting offerings and unparalleled experiences that resonate well with its guests. The company’s brands continue to generate robust booking momentum, with all brands performing ahead on price for 2025 sailings.
As Carnival continues to navigate the post-pandemic landscape successfully, its strategic focus on enhancing guest experiences and operational efficiencies is clearly paying dividends, positioning the company for sustained growth in the cruise industry.
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