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Carnival PLC on Friday put its ‘outperformance’ in the third quarter down to strengthened demand, as both revenue and earnings ‘significantly exceeded expectations’. For the three months ended August 31, the Miami, Florida-based cruise operator reported net income of $1.07 billion, swinging from a loss of $770 million a year prior. It swung to a pretax profit of $1.07 billion from a loss of $759 million, while operating income was $1.62 billion, swinging from a loss of $279 million. Total revenue increased to $6.85 billion from $4.31 billion the previous year. Passenger ticket revenue rose to $4.55 billion from $2.60 billion, while onboard and other revenue was up at $2.31 billion from $1.71 billion. Basic earnings per share totalled $0.85, swinging from a loss of $0.65 year-on-year. Diluted earnings per share were $0.79, compared to a loss of $0.65. For the full year, Carnival expects adjusted earnings before interest, tax, depreciation and amortisation of $4.1 billion to $4.2 billion, within its June guidance range despite the unfavourable impact - valued at $125 million - of fuel prices and currency matters. For the fourth quarter, it expects adjusted Ebitda between $800 million and $900 million. Further, Carnival now expects fuel consumption per available lower berth day for the full year to be nearly 16% lower than 2019, 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. It is gratifying to see the power of our portfolio deliver, as our continental European brands have stepped up nicely,’ said Chief Executive Officer Josh Weinstein. ‘Our demand generation efforts are working across all regions, as we have consistently been achieving quarterly net per diems well in excess of 2019 levels, while closing the occupancy gap by 11 points over the course of the year.’ Carnival shares were down 4.6% at 1,000.50 pence each in London on Friday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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