British-American cruise company Carnival Corp. has released its third quarter 2023 financial results.

Results

Carnival Corp.'s revenue grew 59% year-over-year.

Adjusted EBITDA reached USD 2.22 billion against analyst estimates of USD 2.1 billion.

The company carried 3.6 million passengers in the third quarter, up 40% year-on-year. Analysts had expected 3.78 million passengers.

Carnival Corp. realized a profit for the first time since 2020. However, it expects a lower profit for the fourth quarter than analysts expected. The company justified the estimate by high fuel prices and currency developments. The CEO said that the price of fuel is expected to increase by 20% in the next quarter and therefore negatively affect up to 130 million euros. USD 130.

Outlook

The company forecasts EBITDA in the range of $800 million to $900 million in the fourth quarter. Analysts were expecting USD 945.5 million. USD 945 MILLION.

For the full year 2023, Carnival Corp. lowered its expected EBITDA profit range to USD 4.1 to 4.2 billion from the original USD 4.1 to 4.25 billion. Analysts were expecting USD 4.17 billion.

Word from the CEO

CEO Josh Weinstein said, "We delivered record revenue of over $1 billion. Both revenue and earnings significantly exceeded our expectations, allowing us to raise our expectations for the full year. We were driven by strong demand in North America, Australia and Europe. It is gratifying to see the strength of our portfolio."

In the context of the competition

There are many companies on the stock market that provide cruises. Prominent titles include Norwegian Cruise Line and Royal Caribbean Cruise. After the market opened, they are down 2.83% and 1.05% respectively. In terms of market share, according to the source cruisemarketwatch.com, Carnival has a 42% market share, Royal Caribbean Cruise has a 23.6% share and Norwegian Cruise Line has a 9.5% share. All other companies combined have a 24.9% share.


While the results are above estimates, it didn't help the price much. I don't know what would have to happen for $CCL+1.0% to rise again...

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