Carnival Corporation (CCL) capped off its fiscal 2024 with a fourth-quarter performance that exceeded even the loftiest expectations.
The cruise giant reported adjusted earnings of $0.14 per share, double Wall Street’s estimate, and revenue climbed 10% year-over-year to $5.94 billion. This marked the ninth consecutive quarter of earnings beats for the company, a testament to its growing strength in the post-pandemic travel landscape.
Passenger ticket revenue grew by 10%, reaching $3.85 billion, while onboard spending surged 10.5% to $2.08 billion. The strong demand for cruises, even during the typically slower fall season, propelled Carnival to achieve a $303 million net profit— a stark contrast to the $48 million loss in the same period last year.
Riding the Tailwinds: Strong Bookings Propel Carnival Into 2025
Carnival is already charting an ambitious course for fiscal 2025. Customer deposits for future sailings reached an all-time high of $6.4 billion, a 7% increase from the previous year. The company expects net yields to grow by 4.2%, while adjusted net income is projected to jump 20% to $2.3 billion.
Advanced bookings for 2025 and even 2026 are shattering records. Despite reduced inventory and economic uncertainties, the company has seen an unprecedented surge in demand for future cruises. CEO Josh Weinstein described the outlook as “another banner year,” with prices and occupancy both on an upward trajectory.
Carnival is already charting an ambitious course for fiscal 2025. Customer deposits for future sailings reached an all-time high of $6.4 billion, a 7% increase from the previous year. The company expects net yields to grow by 4.2%, while adjusted net income is projected to jump 20% to $2.3 billion.
Advanced bookings for 2025 and even 2026 are shattering records. Despite reduced inventory and economic uncertainties, the company has seen an unprecedented surge in demand for future cruises. CEO Josh Weinstein described the outlook as “another banner year,” with prices and occupancy both on an upward trajectory.
Calm Waters Ahead: Balancing Growth and Financial Discipline
Despite its stellar performance, Carnival remains focused on addressing the financial challenges it faced during the pandemic. Over the past two years, the company has reduced its debt by $8 billion, positioning itself for sustainable growth. Carnival’s valuation also remains appealing, trading at less than 15 times projected earnings for 2025—a multiple that could decline further as analyst estimates are revised upward.
For investors, Carnival’s story is more than just a recovery play; it represents a structural shift in luxury travel demand. The company’s ability to raise prices, enhance onboard spending, and maintain strong bookings signals a new golden age for cruising. With ambitious targets for the coming years, Carnival appears well-positioned to continue its winning streak.
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