Friday, December 22, 2023
Carnival Corporation & plc has reported record-breaking fourth-quarter and full-year revenues, surpassing expectations and setting the stage for a promising 2024. With a focus on financial milestones, sustainability initiatives, and future projections, the cruise industry giant is poised for continued success.
In 2023, Carnival achieved unprecedented full-year revenues, reaching a staggering $21.6 billion. Despite a U.S. GAAP net loss of $74 million, positive adjusted net income of $1 million outperformed previous guidance. The company demonstrated financial resilience by making debt payments of $6 billion, reducing its debt balance by $4.6 billion from its first-quarter peak. Carnival ended the year with $5.4 billion in liquidity.
The fourth quarter of 2023 saw record revenues of $5.4 billion, with net per diems exceeding 2019 levels. Carnival’s strategic approach to yield management resulted in a 101 percent occupancy rate, demonstrating strong demand across all brands. Booking volumes during Black Friday and Cyber Monday set an all-time high, contributing to a fourth-quarter record of $6.4 billion in total customer deposits.
Carnival’s CEO, Josh Weinstein, expressed satisfaction with the company’s performance, stating, “We ended the year on a high note with another record-breaking quarter that exceeded expectations.” Weinstein highlighted the success of the yield management strategy and strong bookings momentum, particularly in European brands.
Looking ahead to 2024, Carnival anticipates adjusted EBITDA of approximately $5.6 billion, reflecting over 30 percent growth compared to 2023. The company expects net yields to increase by approximately 8.5 percent, with occupancy returning to historical levels and higher net per diems. The first quarter of 2024 is projected to show more than double the adjusted EBITDA compared to the same period in 2023.
In addition to financial success, Carnival is actively pursuing sustainability goals. The company has achieved a 10 percent reduction in absolute greenhouse gas emissions, surpassing its 2030 goal for shore power capability seven years ahead of schedule, and successfully piloted the use of biofuels on select ships.
As Carnival Corporation & plc continues its positive trajectory, achieving financial milestones and prioritizing sustainability, the cruise industry leader is set to sail into 2024 with confidence and optimism.
Saturday, April 27, 2024
