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Carnival (CCL) Q4 Earnings Top, Revenues Miss Estimates
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Carnival Corporation & plc (CCL - Free Report) reported fourth-quarter fiscal 2022 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same. Earnings beat the estimate after missing in the preceding eight quarters, while revenues missed for the ninth straight quarter. Nevertheless, the top and the bottom line improved on a year-over-year basis.
Carnival Corporation's chief executive officer Josh Weinstein, stated, “Booking volumes strengthened following the relaxation in protocols, cancellation trends are improving globally, and we have seen a measurable lengthening in the booking curve, across all brands. The momentum has continued into December, which bodes well for 2023 overall as more markets open for cruise travel, protocols continue to relax, our closer to home itineraries play out, our stepped-up advertising efforts pay dividends and our brands continue to hone all aspects of their revenue generating activities.”
Earnings & Revenues
In the quarter under review, the company reported a loss per share of 85 cents, narrower than the Zacks Consensus Estimate of a loss of 89 cents. In the year-ago quarter, the company had reported a loss per share of $1.72.
Carnival Corporation Price, Consensus and EPS Surprise
Revenues in the quarter totaled $3,839 million, which fell short of the consensus mark of $3,959 million. The top line improved sharply from the prior-year quarter’s figure of $1,287 million. Passenger ticket and onboard and other revenues were $2,269 million and $1,570 million, respectively.
Q4 Financials
During the fiscal fourth quarter, the company reported a GAAP net loss of $1,598 million compared with a loss of $2,620 million reported in the prior-year quarter. Adjusted net loss in the quarter amounted to $1,068 million compared with $1,955 million reported in the year-ago quarter.
In fourth-quarter fiscal 2022, occupancy came in at 85% compared with 58% reported in the prior quarter. For cruise segments, revenue per PCD for the fourth quarter of fiscal 2022 increased 0.5% compared with a strong 2019.
Balance Sheet
Cash and cash equivalents as of Nov 30, 2022, were $4,029 million compared with $7,071 million reported in the previous quarter. Carnival ended the quarter with liquidity of $8,635 million. Total debt (current and long-term) as of Nov 30, 2022, was $34.5 billion compared with $34.1 billion as of Aug 31, 2022.
Adjusted EBITDA, as of Nov 30, 2022, came in at ($96) million compared with ($1,060) million reported in the prior-year quarter.
Bookings Update
During the fiscal fourth quarter, the company reported accelerated booking volumes on account of relaxed protocols, opening of more markets for cruise travel and advertising efforts. The company stated that its North America and Australia segment's 2023 booking volumes are above 2019 levels, while Europe and Asia segment 2023 booking volumes were lower than the same. The company stated that its 2023 cumulative advanced booked position is above the historical ranges and at increased prices compared with 2019 levels.
Meanwhile, total customer deposits as of Nov 30 were $5.1 billion compared with $4.8 billion reported in the previous quarter. The amount was higher than $4.9 billion reported in 2019.
Hilton Grand Vacations currently has a Zacks Rank #1. HGV has a trailing four-quarter earnings surprise of 3.7%, on average. The stock has declined 18.2% in the past year.
The Zacks Consensus Estimate for HGV’s 2023 sales and earnings per share (EPS) indicates a rise of 4.7% and 24.6%, respectively, from the year-ago period’s levels.
RCI Hospitality currently has a Zacks Rank #2 (Buy). RICK has a trailing four-quarter earnings surprise of 6.1%, on average. The stock has gained 33.6% in the past year.
The Zacks Consensus Estimate for RICK’s 2023 sales and EPS indicates growth of 12.7% and 10.6%, respectively, from the year-ago period’s reported levels.
Hyatt currently has a Zacks Rank #2. H has a trailing four-quarter earnings surprise of 652.3%, on average. The stock has increased 6.5% in the past year.
The Zacks Consensus Estimate for H’s 2023 sales and EPS indicates a surge of 7.4% and 130.8%, respectively, from the year-ago period’s reported levels.
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Carnival (CCL) Q4 Earnings Top, Revenues Miss Estimates
Carnival Corporation & plc (CCL - Free Report) reported fourth-quarter fiscal 2022 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same. Earnings beat the estimate after missing in the preceding eight quarters, while revenues missed for the ninth straight quarter. Nevertheless, the top and the bottom line improved on a year-over-year basis.
Carnival Corporation's chief executive officer Josh Weinstein, stated, “Booking volumes strengthened following the relaxation in protocols, cancellation trends are improving globally, and we have seen a measurable lengthening in the booking curve, across all brands. The momentum has continued into December, which bodes well for 2023 overall as more markets open for cruise travel, protocols continue to relax, our closer to home itineraries play out, our stepped-up advertising efforts pay dividends and our brands continue to hone all aspects of their revenue generating activities.”
Earnings & Revenues
In the quarter under review, the company reported a loss per share of 85 cents, narrower than the Zacks Consensus Estimate of a loss of 89 cents. In the year-ago quarter, the company had reported a loss per share of $1.72.
Carnival Corporation Price, Consensus and EPS Surprise
Carnival Corporation price-consensus-eps-surprise-chart | Carnival Corporation Quote
Revenues in the quarter totaled $3,839 million, which fell short of the consensus mark of $3,959 million. The top line improved sharply from the prior-year quarter’s figure of $1,287 million. Passenger ticket and onboard and other revenues were $2,269 million and $1,570 million, respectively.
Q4 Financials
During the fiscal fourth quarter, the company reported a GAAP net loss of $1,598 million compared with a loss of $2,620 million reported in the prior-year quarter. Adjusted net loss in the quarter amounted to $1,068 million compared with $1,955 million reported in the year-ago quarter.
In fourth-quarter fiscal 2022, occupancy came in at 85% compared with 58% reported in the prior quarter. For cruise segments, revenue per PCD for the fourth quarter of fiscal 2022 increased 0.5% compared with a strong 2019.
Balance Sheet
Cash and cash equivalents as of Nov 30, 2022, were $4,029 million compared with $7,071 million reported in the previous quarter. Carnival ended the quarter with liquidity of $8,635 million. Total debt (current and long-term) as of Nov 30, 2022, was $34.5 billion compared with $34.1 billion as of Aug 31, 2022.
Adjusted EBITDA, as of Nov 30, 2022, came in at ($96) million compared with ($1,060) million reported in the prior-year quarter.
Bookings Update
During the fiscal fourth quarter, the company reported accelerated booking volumes on account of relaxed protocols, opening of more markets for cruise travel and advertising efforts. The company stated that its North America and Australia segment's 2023 booking volumes are above 2019 levels, while Europe and Asia segment 2023 booking volumes were lower than the same. The company stated that its 2023 cumulative advanced booked position is above the historical ranges and at increased prices compared with 2019 levels.
Meanwhile, total customer deposits as of Nov 30 were $5.1 billion compared with $4.8 billion reported in the previous quarter. The amount was higher than $4.9 billion reported in 2019.
Zacks Rank and Stocks to Consider
Currently, Carnival carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Zacks Consumer Discretionary sector are Hilton Grand Vacations Inc. (HGV - Free Report) , RCI Hospitality Holdings, Inc. (RICK - Free Report) and Hyatt Hotels Corporation (H - Free Report) .
Hilton Grand Vacations currently has a Zacks Rank #1. HGV has a trailing four-quarter earnings surprise of 3.7%, on average. The stock has declined 18.2% in the past year.
The Zacks Consensus Estimate for HGV’s 2023 sales and earnings per share (EPS) indicates a rise of 4.7% and 24.6%, respectively, from the year-ago period’s levels.
RCI Hospitality currently has a Zacks Rank #2 (Buy). RICK has a trailing four-quarter earnings surprise of 6.1%, on average. The stock has gained 33.6% in the past year.
The Zacks Consensus Estimate for RICK’s 2023 sales and EPS indicates growth of 12.7% and 10.6%, respectively, from the year-ago period’s reported levels.
Hyatt currently has a Zacks Rank #2. H has a trailing four-quarter earnings surprise of 652.3%, on average. The stock has increased 6.5% in the past year.
The Zacks Consensus Estimate for H’s 2023 sales and EPS indicates a surge of 7.4% and 130.8%, respectively, from the year-ago period’s reported levels.