Carnival Corporation Reports Strong Q3 Earnings with 60% Rise in Net Income Amid Stock Decline

Sep 30, 2024, 02:13 PM

Carnival Corporation reported a significant increase in its third-quarter 2024 earnings, with a net income of $1.7 billion, marking a 60% rise compared to 2023. The company achieved $1.8 billion in adjusted net income, surpassing its June guidance by $170 million. Revenue reached an all-time high of $7.90 billion, exceeding estimates of $7.83 billion. Earnings per share (EPS) were $1.27, above the estimated $1.16. Despite these strong financial results, Carnival's stock experienced a decline due to a weak yield forecast and concerns over an industrywide slowdown in leisure travel. The company also raised its annual profit forecast for the third time this year, driven by strong demand for cruises and lower costs. CEO Josh Weinstein highlighted an improvement in yields to 10.4%, contributing to the positive outlook.