Carnival raises full-year guidance, shares pop

25th Jun 2024 15:16

(Sharecast News) - Carnival posted better-than-expected second quarter results and raised its full-year guidance on the back of a record cumulative booked position for 2024.

Chief executive officer Josh Weinstein noted how quarterly revenues, operating income, customer deposits and booking levels all beat the company's own forecasts and reached record levels.

For the three months ending on 31 May, the cruise ship operator posted a 17.7% jump in revenues to reach $5.78bn.

That resulted in net income of $92m for the period or of 7 US cents per share.

Net income was $500m above the year earlier level and $170m ahead of management's own guidance on an adjusted basis.

The company also said that its cumulative booked position for the rest of 2024 was still the best on record both in price, at constant currencies, and occupancy.

So too, the cumulative booked position for full-year 2025 was even higher than the year before in price and occupancy terms.

Shares of Carnival were 8.13% higher as of 1615 BST, but remained far below their pre-Covid levels.