Carnival Corporation Announces RecordSetting Third Quarter 2024 Financial Results
Intellectia.AI2024-09-30
Carnival Corporation Announces Record-Setting Third Quarter 2024 Financial Results
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced its financial results for the third quarter of 2024, marking a period of significant growth and operational achievements.
Key Financial Metrics
The following table summarizes the key financial metrics for Carnival Corporation's third quarter of 2024:
| Metric | Q3 2024 | Q3 2023 | Year-over-Year Change |
|---|---|---|---|
| Total Revenue | $7.9B | $6.9B | +14.5% |
| Net Income | $1.7B | $1.038B | +63.7% |
| Operating Income | $2.2B | $1.646B | +33.7% |
Carnival's significant year-over-year net income growth of 63.7% was fueled by strong demand and cost-saving initiatives, leading to a record quarterly revenue of $7.9 billion.
Revenue Performance by Segment
| Segment | Q3 2024 Revenue |
|---|---|
| Total Revenue | $7.9B |
The company achieved record operating income and adjusted EBITDA, aided by strong yield improvements. These robust performances exceeded both the prior year's and June's guidance.
Key Developments and Operational Highlights
- Net income increased by over 60% compared to the previous year.
- Raised full-year 2024 adjusted EBITDA guidance to approximately $6 billion, surpassing June guidance.
- Record customer deposits set at $6.8 billion for the third quarter, indicating strong future demand.
- Advanced bookings for 2025 remain at record levels, with prices exceeding previous records.
- New orders for three additional ships with scheduled deliveries in 2029, 2031, and 2033.
Comments from Company Officers
CEO Josh Weinstein highlighted the company’s enhanced performance metrics due to improved demand and commercial strategies. He emphasized the consistent momentum and strong base for 2025, forecasting a promising business trajectory in the upcoming years.
Forward Guidance
Carnival Corporation adjusted its guidance for 2024, with expectations for a 10.4% increase in net yields in constant currency and an adjusted EBITDA near $6 billion, setting up a strong outlook for the year.
Stock Price Movement
After the earnings release, Carnival Corporation's stock experienced a mild increase, with a post-event percentage change of +0.76%.
With robust performance metrics and a strategic focus on growth, Carnival Corporation is well-positioned for continued success in the upcoming quarters.
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