Summary
Carnival Corporation & plc reported a significant improvement in financial performance for the six months ended May 31, 2024, compared to the same period in the prior year, driven by strong demand and increased occupancy across its cruise operations, particularly in the North America and Europe segments. Total revenues rose by 19.7% to $11.2 billion, with passenger ticket revenues and onboard spending showing robust growth. The company achieved a consolidated operating income of $836 million, a substantial turnaround from a loss of $52 million in the prior year's comparable period. Operationally, Carnival saw a 4.8% increase in Available Lower Berth Days (ALBDs) for the six-month period, coupled with an 8.2 percentage point increase in occupancy, reaching 103%. This improved utilization, along with higher ticket prices and increased onboard spending per guest, contributed to the revenue surge. While operating expenses also increased due to higher capacity and associated costs, the revenue growth outpaced expense increases, leading to improved profitability. The company's liquidity remains strong, with $4.6 billion in available resources, including cash and undrawn credit facilities, enabling it to manage its debt obligations and fund capital expenditures.
Financial Highlights
49 data points| Revenue | $5.78B |
| Cost of Revenue | $3.80B |
| Gross Profit | $1.98B |
| SG&A Expenses | $789.00M |
| Operating Expenses | $5.22B |
| Operating Income | $560.00M |
| Net Income | $92.00M |
| EPS (Basic) | $0.07 |
| EPS (Diluted) | $0.07 |
| Shares Outstanding (Basic) | 1.27B |
| Shares Outstanding (Diluted) | 1.27B |
Key Highlights
- 1Total revenues increased by 19.7% to $11.2 billion for the six months ended May 31, 2024, compared to $9.3 billion in the prior year.
- 2Consolidated operating income turned positive, reaching $836 million for the six months ended May 31, 2024, a significant improvement from an operating loss of $52 million in the same period last year.
- 3Occupancy rates improved substantially, reaching 103% for the six months ended May 31, 2024, up from 95% in the prior year, reflecting strong consumer demand for cruises.
- 4Passenger ticket revenues grew by 23% to $7.4 billion, and onboard and other revenues increased by 15% to $3.8 billion for the six months ended May 31, 2024.
- 5The company's liquidity position remains strong with $4.6 billion in total available resources as of May 31, 2024, including $1.6 billion in cash and cash equivalents and $3.0 billion in available borrowings.
- 6Interest expense decreased by 15% to $0.9 billion for the six months ended May 31, 2024, due to a reduction in total debt and lower interest rates.
- 7Capacity (ALBDs) increased by 4.8% for the six months ended May 31, 2024, primarily driven by fleet additions and optimizations, particularly in the North America segment.