Loading...
•
Nov 30, 2022
Carnival Q4 2022 Earnings Report
Reported a net loss but showed improved performance compared to previous quarters and 2019.
Key Takeaways
Carnival Corporation & plc reported a U.S. GAAP net loss of $1.6 billion for Q4 2022, with an adjusted net loss of $1.1 billion. However, the company saw improvements in revenue per passenger cruise day and occupancy compared to both Q3 2022 and 2019 levels. Customer deposits hit a record $5.1 billion, and the company ended the quarter with $8.6 billion in liquidity.
Revenue per passenger cruise day increased 0.5% compared to 2019.
Occupancy was 19 percentage points below 2019 levels, an improvement from the previous quarter.
Total customer deposits reached a record $5.1 billion.
Ended the quarter with $8.6 billion of liquidity.
Carnival
Carnival
Forward Guidance
Carnival Corporation anticipates continued improvement in 2023, with occupancy returning to historical levels in the summer. The company expects a sequential improvement compared to 2019 in each quarter of 2023 and expects to generate significant positive adjusted EBITDA in 2023.
Positive Outlook
- Occupancy for the first quarter of 2023 is expected to be 90% or slightly higher, a 14 percentage point gap, or better, from 2019 levels.
- The company continues to expect to close the gap to 2019 levels, with occupancy returning to historical levels in the summer of 2023, which has historically been well over 100%.
- The company expects a 15% reduction in both fuel consumption per ALBD and carbon emissions per ALBD on an annualized basis for the full year 2023, both as compared to 2019.
- The company expects $250 to $350 million of adjusted EBITDA for the first quarter of 2023.
- The company expects a sequential improvement compared to 2019 in each quarter of 2023 as it continues to close the gap.
Challenges Ahead
- The company expects an adjusted net loss of $750 to $850 million for the first quarter of 2023.
- Capacity growth is expected to be 3.7% for the first quarter of 2023 compared to the first quarter of 2019
- The company’s interest expense, net of capitalized interest and interest income forecast for the first quarter of 2023 is $0.5 billion.
- The company’s depreciation and amortization forecast for the first quarter of 2023 is $0.6 billion.
- Currencies USD to 1Q 2023 AUD$0.67 CAD$0.73 EUR$1.05 GBP$1.23