Prnewswire·2025-03-21 13:15Core Insights - Carnival Corporation & plc reported strong financial results for Q1 2025, with record revenues and improved earnings expectations for the year [1][2][3] Financial Performance - The company achieved record first quarter revenues of $5.8 billion, an increase of over $400 million compared to the previous year [7][8] - Record net yields were 7.3% higher than 2024 and exceeded December guidance by 270 basis points [8] - Operating income for the first quarter was $543 million, nearly double that of the prior year [8] - Adjusted net income guidance for 2025 is expected to rise over 30% compared to 2024, surpassing December guidance by $185 million [7][8] Booking Trends - The cumulative advanced booked position for the remainder of 2025 is in line with last year's record levels, with pricing at historical highs [11] - Booking volumes for 2026 and beyond reached record levels, indicating strong future demand [10][11] Debt Management - The company refinanced $5.5 billion of debt, resulting in $145 million in annualized interest savings and a reduction of the debt balance by $0.5 billion [7][13][17] - The average cash interest rate has been reduced to 4.6% [13] Operational Highlights - Total customer deposits reached a record of $7.3 billion in the first quarter, reflecting growth in ticket prices and onboard sales [8] - The company continues to focus on delivering value for money, enhancing customer experiences [4] Future Outlook - For Q2 2025, the company expects net yields to increase approximately 4.3% year-over-year, with adjusted cruise costs excluding fuel per ALBD expected to rise approximately 5.6% [19] - The company anticipates achieving its 2026 SEA Change financial targets one year ahead of schedule [7][16]