CARNIVAL Corporation announced overnight a record second quarter revenue of US$5.8b and operating income of US$560m, outperforming its initial guidance.
The company’s record second quarter results come against the backdrop of the sunsetting of P&O Cruises Australia (CW 05 Jun) – part of a plan to increase guest capacity for its namesake Carnival Cruise Line (CCL) brand.
Carnival is now expecting a full year 2024 net yield guidance of approximately 10.25%, thanks to continued strong demand, while the company also raised its full year adjusted net income guidance by approximately US$275 million.
Carnival’s cumulative booked position for the remainder of the year also continues to be the best on record in both price and occupancy, with 2025 even higher in both categories.
The company’s CCL line is still the highest-returning brand in its stable, which will see Carnival increase the brand’s representation from 29% in 2019 to 37% in 2028.
This will include two P&O Australia ships, in addition to three Costa Cruises vessels.
Other highlights from Carnival’s results include an almost US$500 million improvement in second quarter net income compared to 2023, and adjusted net income, outperforming its Mar guidance by nearly US$170 million.
Total customer deposits also reached an all-time high of US$8.3 billion, surpassing the previous record by US$1.1 billion.
“We have made incredible strides in improving our commercial operations, strategically reallocating our portfolio composition and formulating growth plans, while strengthening even further our global team, the best in the business,” Chief Executive Officer Josh Weinstein said.
“Off the back of that effort, we closed yet another quarter delivering records, this time across revenues, operating income, customer deposits and booking levels, exceeding our guidance on every measure.
“Based on continued strong demand trends, we are taking up our expectations for the year with net yields now forecasted to top ten per cent and propelling us towards double-digit returns on invested capital.” MS