Carnival Corporation's FY 2024 earnings report

Carnival Reports Surprise Q2 Profit with EPS $0.11, Revenue $5.78B; Raises Full-Year Guidance Amid Strong Cruise Demand

Jun 25, 2024, 02:17 PM

Carnival Corporation (NYSE: CCL) reported a surprising profit for the second quarter of 2024, driven by strong demand for cruises and higher prices for itineraries. The company posted an adjusted earnings per share (EPS) of $0.11, significantly beating the estimated loss of $0.02. Revenue for the quarter reached $5.78 billion, surpassing expectations of $5.69 billion. Net income came in at $92 million, a substantial improvement from the previous year. Operating income was reported at $560 million, nearly five times the level of 2023. Adjusted EBITDA was up over 75% year-over-year, reaching $1.2 billion. Diluted EPS was $0.07. Following these strong results, Carnival raised its full-year 2024 earnings guidance for the second time this year, citing steady cruise demand and consistent growth in both repeat and new guests. The company also noted that its adjusted EBITDA for the quarter not only surpassed Q2 of 2019 but was also the highest second-quarter mark in over 15 years. Carnival expects Q3 adjusted EPS to be approximately $1.15 and net yields for FY24 to be up around 10.25%.