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Nov 30, 2022
Carnival Q4 2022 Earnings Report
Provided business update for the fourth quarter of 2022.
Key Takeaways
Carnival Corporation & plc reported a U.S. GAAP net loss of $1.6 billion, or $(1.27) diluted EPS, and an adjusted net loss of $1.1 billion, or $(0.85) adjusted EPS, for the fourth quarter of 2022. Adjusted EBITDA for the fourth quarter of 2022 was $(96) million, within the previous guidance range. Total customer deposits hit a fourth quarter record of $5.1 billion as of November 30, 2022.
U.S. GAAP net loss of $1.6 billion, or $(1.27) diluted EPS and adjusted net loss of $1.1 billion, or $(0.85) adjusted EPS, for the fourth quarter of 2022.
Adjusted EBITDA for the fourth quarter of 2022 was $(96) million, within the previous guidance range.
For the cruise segment, revenue per passenger cruise day (“PCD”) for the fourth quarter of 2022 increased 0.5% (3.8% in constant dollar) compared to 2019.
Total customer deposits hit a fourth quarter record of $5.1 billion as of November 30, 2022, surpassing the previous record of $4.9 billion as of November 30, 2019.
Carnival
Carnival
Forward Guidance
The company expects occupancy to return 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.
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.
- 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.
- Adjusted cruise costs excl. fuel per ALBD 4.0% to 5.0% Change compared to 2019 in current dollars for 1Q 2023
- Adjusted EBITDA is expected $250 to $350 million for the first quarter of 2023.
Challenges Ahead
- Adjusted cruise costs excl. fuel per ALBD 6.5% to 7.5% Change compared to 2019 in constant currency for 1Q 2023
- The company expects an adjusted net loss of $750 to $850 million for the first quarter of 2023.
- Interest expense, net of capitalized interest and interest income forecast for the first quarter of 2023 is $0.5 billion.
- Depreciation and amortization forecast for the first quarter of 2023 is $0.6 billion.
- The company’s capacity growth is expected to be 3.7% for the first quarter of 2023 compared to the first quarter of 2019