Carnival Rises After Earnings Beat

Carnival Corporation (CCL:US) reported its third-quarter results, which sent the stock about 4% higher on Friday.

The adjusted earnings per share (EPS) of 86 cents surpassed the estimated 75 cents. In comparison to the previous year, the company achieved EPS of 79 cents, a notable improvement from a loss per share of 65 cents.

Quarterly revenue reached $6.85 billion, marking a significant 59% year-over-year increase, surpassing the estimated $6.69 billion. Adjusted EBITDA reached $2.22 billion, outperforming the estimated $2.1 billion.

Key operational metrics also showed positive trends. Available lower berth days increased by 13% year-over-year to 23.7 million, passenger cruise days grew by 46% year-over-year to 25.8 million, and passengers carried totaled 3.6 million, a 40% year-over-year increase.

The company anticipates fuel consumption per available lower berth day for the full year 2023 to be nearly 16% lower than 2019, which is better than previously expected.

"The outperformance was driven by strength in demand, with both our North America and Australia segment and Europe segment equally outperforming expectations," the company said in a report.

"With less remaining inventory to sell, despite a five percent increase in capacity, we are well positioned to drive pricing higher and deliver strong yield improvement in 2024."

Congress members were mostly selling CCL shares this year. Most notably, Rep. Eric Burlison sold $15,000 - $50,000 worth of shares on February 06, when the stock closed at $11.87.

Shares are seen trading at around $15 apiece on Friday.