30th Sep 2024 16:31
(Alliance News) - Carnival PLC on Monday reported third-quarter revenue at "an all-time high", as it leverages strong demand and an increase in bookings to achieve "record" ticket pricing.
The Florida, US-based cruise ship operator said pretax profit for the three months to August 31 was USD1.74 billion, up 63% from USD1.07 billion at the same time last year. Total revenue for the three-month period increased 15% to USD7.90 billion from USD6.85 billion.
With regards to the year to date, pretax profit for the nine months to August 31 was USD1.63 billion, up from a loss of USD23 million for the same nine-month period a year prior. Total revenue for the nine months was up 18% to USD19.08 billion from USD16.20 billion.
Adjusted earnings before interest, taxation, depreciation and amortisation for the third quarter grew 27% on-year to USD2.82 billion from USD2.22 billion, whilst adjusted Ebitda for the nine-month period to August 31 was up 49% at USD4.89 billion from USD3.29 billion last year.
The company noted that nearly half of its 2025 capacity has already been booked, with less inventory remaining for sale than at the same time last year. As a result, it is "leveraging strong demand to achieve record ticket pricing".
Chief Executive Officer Josh Weinstein said: "We delivered a phenomenal third quarter, breaking operational records and outperforming across the board. Our strong improvements were led by high-margin, same-ship yield growth, driving a 26% improvement in unit operating income, the highest level we have reached in fifteen years.
"We are poised to deliver record operating performance for full-year 2024, with adjusted Ebitda now expected to cross USD6 billion and adjusted return on invested capital to be approximately 10.5%. Strong demand enabled us to increase our full-year guidance for the third time this year and we improved our cost guidance driving more revenue to the bottom line. Looking forward, the momentum continues as our enhanced commercial execution drives demand well in excess of our capacity growth, leaving us well-positioned with an even stronger base of business for 2025, a record start to 2026 and firmly on the path toward our SEA Change targets."
Shares in Carnival were down 4.2% at 1,218.00pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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