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Aug 31, 2023
Carnival Q3 2023 Earnings Report
Reported all-time record revenue and demonstrated strong third quarter 2023 earnings momentum.
Key Takeaways
Carnival Corporation & plc reports a strong third quarter with record revenues of $6.9 billion and a net income of $1.07 billion, or $0.79 diluted EPS. The company's performance exceeded expectations, driven by strong demand and improved commercial execution. The cumulative advanced booked position for full year 2024 is well above the high end of the historical range at higher prices than 2023 levels.
U.S. GAAP net income of $1.07 billion, or $0.79 diluted EPS, and adjusted net income of $1.18 billion, or $0.86 adjusted EPS, exceeded the June guidance range.
Third quarter revenues hit an all-time high of $6.9 billion.
Total customer deposits reached a third quarter record of $6.3 billion.
The company reduced its debt by nearly $4 billion from its peak in the first quarter of 2023 and ended the third quarter with $5.7 billion of liquidity.
Forward Guidance
For the full year 2023, the company expects adjusted EBITDA of $4.1 billion to $4.2 billion, occupancy of 100 percent or higher, and net per diems (in constant currency) up approximately 7.0 percent compared to 2019. For the fourth quarter of 2023, the company expects adjusted EBITDA of $800 million to $900 million and net yields (in constant currency) up mid-single digits compared to 2019.
Positive Outlook
- Adjusted EBITDA of $4.1 billion to $4.2 billion for full year 2023
- Occupancy of 100 percent or higher for full year 2023
- Net per diems (in constant currency) up approximately 7.0 percent compared to 2019 for full year 2023
- Adjusted EBITDA of $800 million to $900 million for fourth quarter of 2023
- Net yields (in constant currency) up mid-single digits compared to 2019 for fourth quarter of 2023
Challenges Ahead
- Adjusted net income (loss) (in millions) $(225) to $(125) for 4Q 2023
- Adjusted earnings per share $(0.18) to $(0.10) for 4Q 2023
Historical Earnings Impact
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Avg. Return Before/After Earnings
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