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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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