VALENCIA, Calif., March 25, 2025 /PRNewswire/ -- Cunard today announced an exciting partnership with Sail4th 250, the non-profit organization overseeing celebrations in the Port of New York and New Jersey for America's 250th anniversary next year.The collaboration will see the luxury cruise line's flagship Queen Mary 2 – the world's only ocean liner – take pride of place at the heart of the landmark event, offering guests a once-in-a-lifetime vantage point in what promises to be an unforgettable moment in h ...

Carnival Corporation & plc (CCL) reported impressive first-quarter fiscal 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the top and bottom lines increased on a year-over-year basis. This upside was primarily backed by sustained demand strength and robust onboard revenues.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The company anticipates surpassing its 2026 SEA Change financial targets a year ahead of schedule. For 2025, CCL expects to achie ...

Financial Data and Key Metrics Changes - The company reported a net income exceeding guidance by more than $170 million, driven by strong demand across its portfolio [8][30]. - A yield increase of 7.3% was achieved, surpassing previous guidance, following a 17% yield improvement from the prior year [8][10]. - EBITDA reached $1.2 billion, marking a nearly 40% year-over-year increase, with operating income nearly doubling [9][30]. - Operating and EBITDA margins improved by over 400 basis points year-over-year, now exceeding 2019 levels [9][10]. - The company raised its full-year earnings guidance by $185 million, reflecting strong first-quarter results [10][36]. Business Line Data and Key Metrics Changes - Onboard spending and ticket prices showed broad-based improvement, contributing to the overall yield increase [31][34]. - Customer deposits increased by over $300 million compared to the prior year, driven by improved ticket prices and pre-cruise onboard sales [35]. Market Data and Key Metrics Changes - The company noted strong demand across all core programs, with historical high prices for 2025 bookings [13][24]. - European brands continued to outperform year-over-year in both price and occupancy [34]. Company Strategy and Development Direction - The company is focused on maintaining strong pricing and demand, with no plans to reduce prices despite macroeconomic volatility [24][90]. - Marketing campaigns have been launched across major brands to enhance consideration for cruise travel [14][16]. - The company is investing in enhancing its portfolio, including renovations and expansions in key locations like Alaska and Celebration Key [19][27]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of consumer demand, noting that onboard spending growth accelerated compared to previous quarters [64][66]. - The company acknowledged macroeconomic volatility but emphasized its strong booking position and ability to manage through challenges [23][110]. - Future guidance remains optimistic, with expectations for continued yield growth and improved financial metrics [11][44]. Other Important Information - The company has successfully refinanced $5.5 billion of debt, reducing interest expenses and simplifying its capital structure [39][41]. - The average cash interest rate has decreased to 4.6%, with plans to further reduce debt by nearly $5 billion over the next two years [42][43]. Q&A Session Summary Question: Can you provide insights on consumer demand trends since Q4? - Management noted strong bookings and pricing, with historic occupancy levels leading into Wave season [49][50]. Question: How does the yield outlook for the rest of the year look? - Management confirmed that the yield guidance for the remaining quarters is maintained at over 4%, reflecting strong consumer demand [62][65]. Question: Are there any differences in consumer booking behavior between regions? - Management indicated that European brands continue to outperform, but North America is also performing well [85][86]. Question: What cost levers are available if demand weakens? - Management highlighted that the lack of hedging on commodities provides a natural hedge, allowing flexibility in managing costs [123][124]. Question: How is the new marketing strategy impacting customer acquisition? - Management reported a significant increase in first-time cruisers, indicating the effectiveness of the marketing efforts [150][151].

Core Insights - Carnival reported revenue of $5.81 billion for the quarter ended February 2025, reflecting a 7.5% increase year-over-year and surpassing the Zacks Consensus Estimate of $5.74 billion by 1.14% [1] - The company achieved an EPS of $0.13, a significant improvement from -$0.14 in the same quarter last year, resulting in an EPS surprise of 550% compared to the consensus estimate of $0.02 [1] Financial Performance Metrics - Available lower berth days (ALBDs) were reported at 23.6 million, slightly above the average estimate of 23.58 million [4] - The occupancy percentage was 103%, slightly below the estimated 104.4% [4] - Passenger cruise days (PCDs) totaled 24.3 million, compared to the average estimate of 24.68 million [4] - Fuel cost per metric ton consumed was $643, higher than the estimated $632.93 [4] - Net yields per ALBD were $184.95, exceeding the average estimate of $182.16 [4] - Revenues from onboard and other sources reached $1.98 billion, representing a year-over-year increase of 10.5% and surpassing the average estimate of $1.91 billion [4] - Revenues from passenger tickets were $3.83 billion, matching the average estimate and reflecting a 5.9% year-over-year increase [4] Stock Performance - Carnival's shares have returned -13.7% over the past month, compared to a -7.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - The company reported record revenues, net yields, adjusted EBITDA, adjusted EBITDA per ALBD, operating income, and customer deposits in the first quarter of 2025[9] - First quarter 2025 net yields outperformed December guidance by reaching 7.3% compared to the approximate 4.6% guidance versus 2024[10] - Adjusted cruise costs excluding fuel per ALBD for the first quarter of 2025 were up 1.0% compared to the approximate 3.4% guidance versus 2024[10] - Adjusted EBITDA for the first quarter of 2025 reached $1.20 billion, exceeding the approximate $1.04 billion guidance[10] - Adjusted net income for the first quarter of 2025 was $174 million, significantly outperforming the approximate $1 million guidance[10] - Full year 2025 adjusted net income guidance was raised by $185 million, from approximately $2.305 billion to approximately $2.490 billion, driven by stronger than expected first quarter results and refinancing efforts[11] Strategic Initiatives - The company is focused on generating sustained demand, with booked positions for the remainder of 2025 at historically high prices for each quarter[16] - Customer deposits reached a record level, increasing by $2.4 billion compared to the prior year[31] - The company refinanced $5.5 billion of debt during the first quarter, resulting in approximately $145 million in annualized interest expense savings[33] Future Outlook - The company expects to hit both 2026 SEA Change financial targets one year early[40]

The cruise line operator posted record revenues and earnings in its fiscal Q1 2025, outpacing expectations.Carnival (CCL -1.13%), the largest cruise line operator in the world, delivered impressive fiscal 2025 first-quarter results on March 21. It recorded $5.81 billion in revenue, surpassing estimates by $64 million (or about 1.1%), and delivered adjusted earnings per share (EPS) of $0.13, far exceeding analysts' consensus expectation of $0.02. With operating income almost doubling year over year to $543 m ...

Carnival (CCL) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 550%. A quarter ago, it was expected that this cruise operator would post earnings of $0.08 per share when it actually produced earnings of $0.14, delivering a surprise of 75%.Over the last four quarters, the company has surpa ...

Financial Data and Key Metrics Changes - The company reported a net income exceeding guidance by more than $170 million, driven by strong demand and a 7.3% yield increase, surpassing last year's 17% yield improvement [6][20] - EBITDA reached $1.2 billion, marking a nearly 40% year-over-year increase, with operating income nearly doubling [7][19] - Operating and EBITDA margins improved over 400 basis points year-over-year, now surpassing 2019 levels [7][9] Business Line Data and Key Metrics Changes - Both ticket and onboard spending outperformed expectations, indicating strong consumer demand [6][20] - Customer deposits increased by over $300 million compared to the prior year, reflecting improved ticket prices and pre-cruise onboard sales [22] Market Data and Key Metrics Changes - The company is experiencing historical high prices across all core programs for 2025, with booking volumes for 2026 sailings also reaching an all-time high [10] - European brands continue to outperform year-over-year on both price and occupancy [20] Company Strategy and Development Direction - The company is focused on enhancing its marketing campaigns to drive broader consideration for cruise travel and maintain momentum [10][12] - Strategic investments include the expansion and renovation of Denali Lodge and the Aida Evolution program, aimed at enhancing guest experiences and operational efficiency [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged heightened macroeconomic and geopolitical volatility but expressed confidence in achieving strong results due to robust demand and effective execution [9][15] - The company is well-positioned for future growth, with a focus on maintaining investment-grade leverage metrics and reducing debt [17][18] Other Important Information - The company has successfully refinanced $5.5 billion of debt, resulting in significant interest expense savings [25][26] - The sale of Seabourn Sojourn was executed in the best interest of shareholders, consolidating the fleet while maintaining a strong luxury offering [15][106] Q&A Session Summary Question: Can you provide more color on consumer demand trends since Q4? - Management noted that Wave season was a success, with record bookings and strong pricing, indicating robust consumer demand [30] Question: Is there potential upside to the yield guidance for the rest of the year? - Management confirmed that strong Q1 performance and ongoing onboard spending trends suggest potential for upside in yield guidance [42][44] Question: Are there any material differences in bookings for 2026 by brand? - Management indicated no significant concerns across brands, with a strong foundation for 2026 bookings [51] Question: What cost levers are available if demand weakens? - Management highlighted the absence of hedging on commodities as a natural hedge, allowing flexibility in cost management [87] Question: How is the company approaching capital allocation beyond debt paydown? - Management stated that immediate debt paydown is the priority, but future considerations will include investments in growth opportunities [117]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Carnival (CCL) Q1 2025 Earnings Call March 21, 2025 10:00 AM ET Company Participants Beth Roberts - Senior Vice President and Investor RelationsJosh Weinstein - President, CEO, Chief Climate Officer & DirectorDavid Bernstein - CFO & CAORobin Farley - Managing DirectorSteven Wieczynski - Managing DirectorPatrick Scholes - Managing Director - Lodging & Leisure Equity ResearchDavid Katz - Managing DirectorLizzie Dove - Vice President Equity Research Conference Call Participants Benjamin Chaiken - Equity Analys ...