Carnival (US:CCL)2025-03-21 15:58Financial 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]