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Carnival Corporation & plc (CCL - Free Report) reported impressive third-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily backed by sustained demand strength and increased booking volumes.
Owing to strong demand and cost-saving opportunities, the company raised its full-year 2024 adjusted EBITDA guidance. Management expects net yields, at constant currency, to increase around 10.4% compared with 2023 levels, exceeding the prior guidance provided in June due to strong demand.
CCL’s Earnings & Revenues
In the quarter under review, the company reported adjusted earnings per share (EPS) of $1.27, beating the Zacks Consensus Estimate of $1.17. In the year-ago quarter, CCL posted adjusted earnings of 86 cents.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Revenues in the quarter totaled $7.9 billion, beating the consensus mark of $7.8 billion. In the prior-year quarter, CCL registered revenues of $6.9 billion.
Carnival Corporation Price, Consensus and EPS Surprise
In third-quarter fiscal 2024, passenger ticket revenues amounted to $5.2 billion, up from $4.5 billion reported in the prior-year quarter. Our estimate for passenger ticket revenues was $4.9 billion.
Onboard and other revenues increased to $2.7 billion from $2.3 billion reported in the year-ago quarter. Our estimate for Onboard and other revenues was pegged at $2.8 billion.
Q3 Financials
During the fiscal third quarter, the company’s GAAP net income came in at $1.7 billion compared with $1.1 billion reported in the prior-year quarter. Adjusted net income in the quarter amounted to $1.8 billion compared with $1.2 billion reported in the year-ago quarter. Adjusted EBITDA totaled $2.8 billion, up 27.1% from $2.2 billion in the prior-year quarter.
Balance Sheet
As of Aug. 31, 2024, cash and cash equivalents were $1.5 billion compared with $2.4 billion as of Nov. 30, 2023. Carnival ended the quarter with liquidity of $4.5 billion. Total debt (current and long-term) as of Aug. 31, 2024, was $28.9 billion compared with $30.6 billion as of Nov 30, 2023.
Bookings Update
During the quarter, the company reported strong booking momentum for 2025, with volumes remaining robust at higher prices compared to the prior year. Nearly half of 2025 is already booked, with less inventory available than last year. The company is leveraging this demand to achieve record ticket pricing. Bookings for 2026 have also started strong, with record volumes in the past three months.
Total customer deposits as of Aug. 31 were $6.8 billion compared with $8.3 billion reported in the previous quarter. The amount was higher than $6.3 billion reported on Aug. 31, 2023.
Q4 & 2024 Outlook
For fourth-quarter fiscal 2024, the company expects adjusted EBITDA to be approximately $1.14 billion, up 20% from the year-ago quarter’s level. It expects fiscal fourth-quarter adjusted net income to be nearly $60 million. The company expects fiscal fourth-quarter adjusted EPS to be 5 cents.
For the fiscal 2024, the company anticipates adjusted EBITDA to be approximately $6 billion compared with the previous expectation of $5.83 billion. Adjusted net income during the year is anticipated to be nearly $1.76 billion, up from the previous expectation of $1.55 billion. In the fiscal 2024, the company expects adjusted EPS to be $1.33 compared with the previous expectation of $1.18.
Zacks Rank and Other Stocks to Consider
Currently, Carnival carries a Zacks Rank #2 (Buy).
DDI has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has increased 95.3% in the past year. The Zacks Consensus Estimate for DDI’s 2024 sales and EPS indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) currently flaunts a Zacks Rank of 1. NCLH has a trailing four-quarter earnings surprise of 5.7%, on average. The stock has moved up 24.7% in the past year.
The Zacks Consensus Estimate for NCLH’s 2024 sales and EPS indicates an increase of 9.8% and 125.7%, respectively, from the year-ago levels.
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently carries a Zacks Rank #2. RCL has a trailing four-quarter earnings surprise of 18.5%, on average. The stock has gained 93.4% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates growth of 18.1% and 70.9%, respectively, from the year-ago levels.
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Carnival Tops Q3 Earnings & Revenue Estimates, Raises '24 View
Carnival Corporation & plc (CCL - Free Report) reported impressive third-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily backed by sustained demand strength and increased booking volumes.
Owing to strong demand and cost-saving opportunities, the company raised its full-year 2024 adjusted EBITDA guidance. Management expects net yields, at constant currency, to increase around 10.4% compared with 2023 levels, exceeding the prior guidance provided in June due to strong demand.
CCL’s Earnings & Revenues
In the quarter under review, the company reported adjusted earnings per share (EPS) of $1.27, beating the Zacks Consensus Estimate of $1.17. In the year-ago quarter, CCL posted adjusted earnings of 86 cents.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Revenues in the quarter totaled $7.9 billion, beating the consensus mark of $7.8 billion. In the prior-year quarter, CCL registered revenues of $6.9 billion.
Carnival Corporation Price, Consensus and EPS Surprise
Carnival Corporation price-consensus-eps-surprise-chart | Carnival Corporation Quote
In third-quarter fiscal 2024, passenger ticket revenues amounted to $5.2 billion, up from $4.5 billion reported in the prior-year quarter. Our estimate for passenger ticket revenues was $4.9 billion.
Onboard and other revenues increased to $2.7 billion from $2.3 billion reported in the year-ago quarter. Our estimate for Onboard and other revenues was pegged at $2.8 billion.
Q3 Financials
During the fiscal third quarter, the company’s GAAP net income came in at $1.7 billion compared with $1.1 billion reported in the prior-year quarter. Adjusted net income in the quarter amounted to $1.8 billion compared with $1.2 billion reported in the year-ago quarter. Adjusted EBITDA totaled $2.8 billion, up 27.1% from $2.2 billion in the prior-year quarter.
Balance Sheet
As of Aug. 31, 2024, cash and cash equivalents were $1.5 billion compared with $2.4 billion as of Nov. 30, 2023. Carnival ended the quarter with liquidity of $4.5 billion. Total debt (current and long-term) as of Aug. 31, 2024, was $28.9 billion compared with $30.6 billion as of Nov 30, 2023.
Bookings Update
During the quarter, the company reported strong booking momentum for 2025, with volumes remaining robust at higher prices compared to the prior year. Nearly half of 2025 is already booked, with less inventory available than last year. The company is leveraging this demand to achieve record ticket pricing. Bookings for 2026 have also started strong, with record volumes in the past three months.
Total customer deposits as of Aug. 31 were $6.8 billion compared with $8.3 billion reported in the previous quarter. The amount was higher than $6.3 billion reported on Aug. 31, 2023.
Q4 & 2024 Outlook
For fourth-quarter fiscal 2024, the company expects adjusted EBITDA to be approximately $1.14 billion, up 20% from the year-ago quarter’s level. It expects fiscal fourth-quarter adjusted net income to be nearly $60 million. The company expects fiscal fourth-quarter adjusted EPS to be 5 cents.
For the fiscal 2024, the company anticipates adjusted EBITDA to be approximately $6 billion compared with the previous expectation of $5.83 billion. Adjusted net income during the year is anticipated to be nearly $1.76 billion, up from the previous expectation of $1.55 billion. In the fiscal 2024, the company expects adjusted EPS to be $1.33 compared with the previous expectation of $1.18.
Zacks Rank and Other Stocks to Consider
Currently, Carnival carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are as follows:
DoubleDown Interactive Co., Ltd. (DDI - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
DDI has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has increased 95.3% in the past year. The Zacks Consensus Estimate for DDI’s 2024 sales and EPS indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) currently flaunts a Zacks Rank of 1. NCLH has a trailing four-quarter earnings surprise of 5.7%, on average. The stock has moved up 24.7% in the past year.
The Zacks Consensus Estimate for NCLH’s 2024 sales and EPS indicates an increase of 9.8% and 125.7%, respectively, from the year-ago levels.
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently carries a Zacks Rank #2. RCL has a trailing four-quarter earnings surprise of 18.5%, on average. The stock has gained 93.4% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates growth of 18.1% and 70.9%, respectively, from the year-ago levels.