Carnival Corporation & Plc Q1 Results Outperform Its Guidance

(RTTNews) - Carnival Corporation & plc (CCL, CUK) stated that, in the first quarter, the company outperformed its guidance on all measures. The company achieved record first quarter net per diems, exceeding the high end of its guidance, driven by improving ticket prices and sustained growth in onboard revenue.

The company reported a first quarter U.S. GAAP net loss of $693 million, or $0.55 per share, compared to a loss of $1.89 billion or $1.66 per share, prior year. Adjusted net loss was $690 million, or $0.55 per share, compared to a loss of $1.88 billion or $1.66 per share, prior year. The company noted that this is better than the December guidance range of $750 to $850 million net loss for the first quarter of 2023. Adjusted EBITDA for the first quarter of 2023 was $382 million, better than the December guidance range of $250 million to $350 million.

On average, 12 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.60, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenue increased to $4.43 billion from $1.62 billion, prior year. Analysts on average had estimated $4.33 billion in revenue. The company noted that its revenue in the first quarter of 2023 represented 95% of 2019 levels. Occupancy in the first quarter of 2023 was 91%, higher than December guidance.

The company ended the first quarter with $8.1 billion of liquidity, including cash and borrowings available under the revolving credit facility.

For the second quarter of 2023, the company expects adjusted EBITDA of $600 million to $700 million, and occupancy of 98% or higher.

For the full year 2023, the company expects adjusted EBITDA of $3.9 billion to $4.1 billion, and occupancy of 100% or higher.

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