27th Mar 2023 17:03
(Alliance News) - Carnival PLC on Monday lauded its first quarter outturn, which the cruise ship firm said beat original guidance.
Carnival said the net loss in the first quarter ended February 28 was USD693 million, narrowing from USD1.89 billion a year earlier.
This was also slimmer than its previous guidance from December of between USD750 million and USD850 million.
It also swung to adjusted earnings before interest, tax, depreciation and amortisation of USD382 million, from a loss of USD962 million a year earlier.
Revenue was USD4.4 billion, representing 95% of 2019 levels, Carnival said.
"In the first quarter, we outperformed our guidance on all measures. We achieved record first quarter net per diems, exceeding the high end of our guidance, driven by improving ticket prices and sustained growth in onboard revenue, while delivering an additional seven points of occupancy on higher capacity compared to the prior quarter," said Chief Executive Officer Josh Weinstein.
"We are enjoying a phenomenal wave season, achieving our highest ever quarterly booking volumes and breaking records in both North America and Europe. Our strong performance has extended into March and we expect this favourable trend to continue based on the success of our efforts to drive demand.
Looking ahead, Carnival expects adjusted Ebitda to be between USD3.9 billion and USD4.1 billion across financial 2023, while in the second quarter, it expects between a 57% to 83% rise to between USD600 million and USD700 billion from the first quarter.
It described the expected second quarter performance to be a "significant improvement" from the first quarter.
Shares in Carnival traded flat at 652.60 pence each late Monday in London.
By Greg Rosenvinge, Alliance News reporter
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