Carnival (US:CCL)2025-03-21 13:16Financial Performance - Record first quarter revenues of $5.8 billion, up over $400 million compared to the prior year[6] - Record first quarter operating income of $543 million, nearly double the prior year[6] - Revenues for the three months ended February 28, 2025, were $5,810 million, an increase from $5,406 million in the same period of 2024, representing a growth of 7.5%[32] - Adjusted net income for the three months ended February 28, 2025, was $174 million, compared to an adjusted net loss of $180 million in the same period of 2024[40] - Adjusted EBITDA for the three months ended February 28, 2025, was $1,205 million, up from $871 million in the same period of 2024, indicating a significant improvement in operational performance[40] - Adjusted gross margin for the same period was $4,359 million, compared to $4,033 million in 2024, reflecting an increase of 8.1%[43] - Total revenues for the three months ended February 28, 2025, were $5,810 million, an increase from $5,406 million in 2024, representing a growth of 7.5%[43] Customer Metrics - Total customer deposits reached a first quarter record of $7.3 billion, reflecting continued growth in ticket prices and pre-cruise onboard sales[7] - Customer deposits increased to $6,853 million as of February 28, 2025, compared to $6,425 million as of November 30, 2024, indicating growing customer interest[34] - The occupancy percentage for the three months ended February 28, 2025, was 103%, slightly higher than 102% in the same period of 2024, reflecting strong demand for cruise services[37] Future Guidance - Adjusted net income guidance for 2025 expected to be up over 30 percent compared to 2024, better than December guidance by $185 million[6] - Adjusted EBITDA of approximately $6.7 billion expected for full year 2025, up nearly 10 percent compared to 2024[14] - Booking volumes for 2026 sailings and beyond reached an all-time high at higher prices in constant currency[9] - Adjusted return on invested capital (ROIC) expected to reach approximately 12 percent, achieving 2026 SEA Change targets one year in advance[14] Debt and Capital Expenditures - The company successfully refinanced $5.5 billion of debt, delivering $145 million in annualized interest savings[12] - The company plans newbuild capital expenditures of $1.0 billion and non-newbuild capital expenditures of $1.9 billion for the remainder of 2025[20] - The company’s total debt (current and long-term) was $27,018 million as of February 28, 2025, down from $27,475 million as of November 30, 2024[36] Cost Metrics - The average fuel cost per metric ton consumed (excluding EUA) decreased to $643 in the three months ended February 28, 2025, from $686 in the same period of 2024[37] - Net yields per ALBD were $184.95, a 5.5% decrease from $188.20 in 2024[43] - Cruise costs per ALBD were $194.99, showing a slight decrease of 0.3% from $195.60 in 2024[45] - Adjusted cruise costs excluding fuel per ALBD were $113.76, a decrease of 0.3% compared to $115.24 in the previous year[45] Non-GAAP Measures - The company utilizes non-GAAP financial measures to assess performance, including adjusted net income and adjusted earnings per share, which exclude certain non-core expenses[46] - Future forecasts for non-GAAP financial measures are not reconciled to U.S. GAAP due to the unpredictability of certain variables like foreign exchange rates and fuel prices[54] - The company operates under constant currency reporting to mitigate the impact of foreign exchange fluctuations on financial results[56]