Carnival Boosts Profit Forecast, Sees 'Record Demand'

Financial Performance - Record revenue and adjusted earnings per share were achieved in the third quarter, surpassing analyst estimates [1] - The company raised its full-year earnings forecast for the third consecutive quarter [1] - The company achieved a 13% Return on Invested Capital (ROIC), a level unseen in 20 years [3] - Record net income, highest operating income, and EBITDA on a per unit basis in 20 years were reported [3] Demand and Yield - Demand and yield set a record, with North American and European brands both showing a 4% year-over-year increase [2] - Fourth quarter net yield guidance was lower than expected, but consistent with June guidance, projecting yields nicely over 4% [4][5] Consumer Behavior - The consumer is described as strong, with cruise offerings providing amazing value compared to other vacation types [7][8] - Approximately one-third of guests are new to cruising, with the remainder being brand loyalists or general cruisers [14] Brand Performance - Carnival Cruise Line (Americas Cruise Line) and Aida Cruises (Germany) are the strongest brands in terms of returns [10] - Only about half of the brands have returned to their pre-2020 peak performance levels [11][12]