- Record third quarter revenue of $7.9bn, up by $1bn.Record third-quarter revenue of $7.9bn, up by $1bn.
- Underlying net income up 49% to $1.75bn, $0.17bn ahead of guidance.
- Underlying cash profit guidance for 2024 raised from $5.8bn to $6.0bn. Underlying cash profit (EBITDA) guidance for 2024 raised from $5.8bn to $6.0bn.
Derren Nathan, head of equity research, Hargreaves Lansdown:
“Carnival’s floating complexes have reached record levels of profitability in the third quarter, allowing the second upgrade to profit guidance in just about as many months. Looking ahead there seems to be no let-up in demand for a jaunt on the high-seas. Although early days, bookings are ahead for 2025, and despite moderating inflation so are prices.
Carnival’s debt mountain, which accumulated while its ships lay empty in port during the pandemic, remains something of an overhang. But unless there’s a major shift in the economic outlook or escalation in geopolitical threat levels, it looks to be charting a course to bring it down to more manageable levels. That presents an opportunity for investors ready to stomach the extra risk, but it also means the company may need to work harder to impress. Despite the positive numbers, it feels like investors wanted more with today’s share chart looking more like an ocean tempest than an island cruise.”
