Carnival reports a “phenomenal” third quarter

Josh Weinstein: "We delivered a phenomenal third quarter, breaking operational records and outperforming across the board." [Photo: Carnival Corporation]

One sector of shipping that will not be affected by the ILA strike is cruising. As we reported previously, the ILA has said that it will continue to handle all military cargo — and will also continue to work passenger cruise vessels. That news came just days before the world largest cruise operator, Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) reported what CEO Josh Weinstein describes as “phenomenal” financial results for the third quarter of 2024.

Third quarter net income was $1.7 billion, an increase of over 60 percent compared to 2023 and adjusted net income1 outperformed June guidance by $170 million.
Third quarter revenues hit an all-time high of $7.9 billion, up $1.0 billion compared to the prior year.
Record operating income of $2.2 billion exceeded 2023 levels by $554 million.

As a result of strong demand and cost saving opportunities, Carnival raised its full year 2024 adjusted EBITDA guidance to approximately $6.0 billion, up over 40% compared to 2023 and better than June guidance by nearly $200 million.

The cumulative advanced booked position for full year 2025 is above the previous 2024 record with prices (in constant currency) ahead of prior year.

“We delivered a phenomenal third quarter, breaking operational records and outperforming across the board,” said Weinstein. “Our strong improvements were led by high-margin, same-ship yield growth, driving a 26% improvement in unit operating income, the highest level we have reached in fifteen years.”
“We are poised to deliver record operating performance for full year 2024, with adjusted EBITDA now expected to cross $6 billion and adjusted return on invested capital to be approximately 10.5%. Strong demand enabled us to increase our full year yield guidance for the third time this year and we improved our cost guidance driving more revenue to the bottom line,” Weinstein added.

You can see all the numbers HERE

You can read a transcript of Carnival’s call with the financial analysts that crunch the numbers HERE