We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Carnival (CCL) Q3 Earnings & Revenues Top Estimates, Rise Y/Y
Read MoreHide Full Article
Carnival Corporation & plc (CCL - Free Report) reported third-quarter fiscal 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The company stated that it benefits from solid booking trends backed by improved commercial execution and demand generation initiatives.
Earnings & Revenues
In the quarter under review, the company reported an adjusted earnings per share (EPS) of 86 cents, beating the Zacks Consensus Estimate of 73 cents. In the year-ago quarter, the company reported an adjusted loss per share of 58 cents.
Revenues in the quarter totaled $6,854 million, beating the consensus mark of $6,706 million. In the prior-year quarter, CCL reported revenues of $4,305 million. Passenger ticket and onboard and other revenues were $4,546 million and $2,308 million, respectively.
Carnival Corporation Price, Consensus and EPS Surprise
During the fiscal third quarter, the company reported a GAAP net income of $1,074 million against a loss of $770 million in the prior-year quarter. Adjusted net income in the quarter amounted to $1,176 million against ($688) million reported in the year-ago quarter.
Balance Sheet
As of Aug 31, 2023, cash and cash equivalents were $2,842 million compared with $4,468 million reported in the previous quarter. Carnival ended the quarter with liquidity of $5,730 million. Total debt (current and long-term) as of Aug 31, 2023, was $31.3 billion compared with $33.7 billion as of May 31, 2023.
Adjusted EBITDA, as of Aug 31, 2023, came in at 2,221 million compared with $303 million reported in the prior-year quarter.
Bookings Update
During the fiscal third quarter, the company reported solid bookings for the North America, Australia and Europe segments. The company stated booking to be 20% above 2019 levels. The company stated that its fiscal 2024 cumulative advanced booked position exceeds the upper bound of the historical range and at higher pricing.
Total customer deposits as of Aug 31 were $6.3 billion compared with $7.2 billion reported in the previous quarter. The amount was higher than $4.9 billion reported on Aug 31, 2019.
2023 Outlook
For the fourth quarter of fiscal 2023, the company expects adjusted EBITDA in the range of $800 and $900 million. The company expects fiscal fourth-quarter adjusted net income to be between ($225) million and ($125) million. Occupancy during the quarter is estimated to be more than 101%. The company expects a fiscal fourth-quarter adjusted loss per share to be between 18 cents and 10 cents.
For fiscal 2023, the company anticipates adjusted EBITDA in the range of $4,100-$4,200 million compared with the previous expectation of $4,100-$4,250 million. Adjusted net income during the year is anticipated to be between ($150) million and ($50) million. In fiscal 2023, the company expects adjusted loss per share to be between 12 cents and 4 cents.
Zacks Rank and Stocks to Consider
Currently, Carnival carries a Zacks Rank #3 (Hold).
Live Nation Entertainment, Inc. (LYV - Free Report) sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 34.6% on average. Shares of LYV have increased 11.2% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a rise of 21% and 57.8%, respectively, from the year-ago period’s levels.
Hilton Worldwide Holdings Inc. (HLT - Free Report) carries a Zacks Rank #2 (Buy). HLT has a trailing four-quarter earnings surprise of 12.5% on average. Shares of the company have gained 26.1% in the past year.
The Zacks Consensus Estimate for HLT’s 2023 sales and EPS indicates a rise of 14.8% and 23.7%, respectively, from the year-ago period’s levels.
OneSpaWorld Holdings Ltd. (OSW - Free Report) currently carries a Zacks Rank #2. OSW has a trailing four-quarter earnings surprise of 42.6% on average. Shares of OSW have increased 24.8% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 44.5% and 117.9%, respectively, from the year-ago period’s levels.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Carnival (CCL) Q3 Earnings & Revenues Top Estimates, Rise Y/Y
Carnival Corporation & plc (CCL - Free Report) reported third-quarter fiscal 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The company stated that it benefits from solid booking trends backed by improved commercial execution and demand generation initiatives.
Earnings & Revenues
In the quarter under review, the company reported an adjusted earnings per share (EPS) of 86 cents, beating the Zacks Consensus Estimate of 73 cents. In the year-ago quarter, the company reported an adjusted loss per share of 58 cents.
Revenues in the quarter totaled $6,854 million, beating the consensus mark of $6,706 million. In the prior-year quarter, CCL reported revenues of $4,305 million. Passenger ticket and onboard and other revenues were $4,546 million and $2,308 million, respectively.
Carnival Corporation Price, Consensus and EPS Surprise
Carnival Corporation price-consensus-eps-surprise-chart | Carnival Corporation Quote
Q3 Financials
During the fiscal third quarter, the company reported a GAAP net income of $1,074 million against a loss of $770 million in the prior-year quarter. Adjusted net income in the quarter amounted to $1,176 million against ($688) million reported in the year-ago quarter.
Balance Sheet
As of Aug 31, 2023, cash and cash equivalents were $2,842 million compared with $4,468 million reported in the previous quarter. Carnival ended the quarter with liquidity of $5,730 million. Total debt (current and long-term) as of Aug 31, 2023, was $31.3 billion compared with $33.7 billion as of May 31, 2023.
Adjusted EBITDA, as of Aug 31, 2023, came in at 2,221 million compared with $303 million reported in the prior-year quarter.
Bookings Update
During the fiscal third quarter, the company reported solid bookings for the North America, Australia and Europe segments. The company stated booking to be 20% above 2019 levels. The company stated that its fiscal 2024 cumulative advanced booked position exceeds the upper bound of the historical range and at higher pricing.
Total customer deposits as of Aug 31 were $6.3 billion compared with $7.2 billion reported in the previous quarter. The amount was higher than $4.9 billion reported on Aug 31, 2019.
2023 Outlook
For the fourth quarter of fiscal 2023, the company expects adjusted EBITDA in the range of $800 and $900 million. The company expects fiscal fourth-quarter adjusted net income to be between ($225) million and ($125) million. Occupancy during the quarter is estimated to be more than 101%. The company expects a fiscal fourth-quarter adjusted loss per share to be between 18 cents and 10 cents.
For fiscal 2023, the company anticipates adjusted EBITDA in the range of $4,100-$4,200 million compared with the previous expectation of $4,100-$4,250 million. Adjusted net income during the year is anticipated to be between ($150) million and ($50) million. In fiscal 2023, the company expects adjusted loss per share to be between 12 cents and 4 cents.
Zacks Rank and Stocks to Consider
Currently, Carnival carries a Zacks Rank #3 (Hold).
Some other top-ranked stocks in the Zacks Consumer Discretionary sector include
Live Nation Entertainment, Inc. (LYV - Free Report) sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 34.6% on average. Shares of LYV have increased 11.2% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a rise of 21% and 57.8%, respectively, from the year-ago period’s levels.
Hilton Worldwide Holdings Inc. (HLT - Free Report) carries a Zacks Rank #2 (Buy). HLT has a trailing four-quarter earnings surprise of 12.5% on average. Shares of the company have gained 26.1% in the past year.
The Zacks Consensus Estimate for HLT’s 2023 sales and EPS indicates a rise of 14.8% and 23.7%, respectively, from the year-ago period’s levels.
OneSpaWorld Holdings Ltd. (OSW - Free Report) currently carries a Zacks Rank #2. OSW has a trailing four-quarter earnings surprise of 42.6% on average. Shares of OSW have increased 24.8% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 44.5% and 117.9%, respectively, from the year-ago period’s levels.