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Carnival (CCL) Q4 Earnings & Revenues Top Estimates, Rise Y/Y
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Carnival Corporation & plc (CCL - Free Report) reported impressive fourth-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 upside was backed by a solid demand environment courtesy of its ongoing advertising investments and lead generation efforts. Following the results, the company’s shares moved up 1% in the pre-market trading session.
Earnings & Revenues
In the quarter under review, the company reported an adjusted loss per share of 7 cents, narrower than the Zacks Consensus Estimate of a loss of 12 cents. In the year-ago quarter, the company reported an adjusted loss per share of 85 cents.
Revenues in the quarter totaled $5.4 million, beating the consensus mark of $5.3 billion. In the prior-year quarter, CCL reported revenues of $3.8 billion. Passenger ticket and onboard and other revenues were $3.5 billion and $1.9 billion, respectively.
Carnival Corporation Price, Consensus and EPS Surprise
During the fiscal fourth quarter, the company reported a GAAP net loss of $48 million compared with a loss of $1.6 billion reported in the prior-year quarter. Adjusted net loss in the quarter amounted to $90 million compared with $1.1 billion reported in the year-ago quarter.
Balance Sheet
As of Nov 30, 2023, cash and cash equivalents were $2.4 billion compared with $4 billion as of Nov 30, 2022. Carnival ended the quarter with liquidity of $5.4 billion. Total debt (current and long-term) as of Nov 30, 2023, was $30.6 billion compared with $34.5 billion as of Nov 30, 2022.
Adjusted EBITDA, as of Nov 30, 2023, came in at $946 million against $(96) million reported in the prior-year quarter.
Bookings Update
During the fiscal fourth quarter, the company reported solid bookings for the Europe segments. The company stated booking to be elevated 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 Nov 30, 2023 were $6.4 billion compared with $6.3 billion reported in the previous quarter. The amount was higher than $5.1 billion reported on Nov 30, 2022.
2023 Highlights
Total revenues in fiscal 2023 came in at $21.6 billion compared with $12.2 billion reported in fiscal 2022.
Adjusted EBITDA in fiscal 2023 came in at $4.2 billion against $(1.7) billion reported in fiscal 2022.
In fiscal 2023, adjusted earnings per share (EPS) came in at breakeven against $(4.67) reported in the previous year.
2024 Outlook
For the first quarter of fiscal 2024, the company expects adjusted EBITDA to be approximately $0.8 billion. The company expects fiscal first-quarter adjusted net income to be nearly ($0.28) billion. The company expects a fiscal first-quarter adjusted loss per share to be 22 cents.
For fiscal 2024, the company anticipates adjusted EBITDA to be approximately $5.6 billion. Adjusted net income during the year is anticipated to be nearly $1.2 billion. In the fiscal 2024, the company expects adjusted EPS to be nearly 93 cents.
Zacks Rank and Stocks to Consider
Currently, Carnival carries a Zacks Rank #3 (Hold).
RCL has a trailing four-quarter earnings surprise of 28.3%, on average. Shares of RCL have surged 132.3% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 13.7% and 38.1%, respectively, from the year-ago period’s levels.
Live Nation Entertainment, Inc. (LYV - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 37.5%, on average. Shares of LYV have increased 28.2% in the past year.
The Zacks Consensus Estimate for LYV’s 2024 sales and EPS indicates a rise of 8.2% and 61.1%, respectively, from the year-ago period’s levels.
JAKKS Pacific, Inc. (JAKK - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 61.8%, on average. Shares of JAKK have increased 115% in the past year.
The Zacks Consensus Estimate for JAKK’s 2024 sales indicates a rise of 3.6% from the year-ago period’s levels.
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Carnival (CCL) Q4 Earnings & Revenues Top Estimates, Rise Y/Y
Carnival Corporation & plc (CCL - Free Report) reported impressive fourth-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 upside was backed by a solid demand environment courtesy of its ongoing advertising investments and lead generation efforts. Following the results, the company’s shares moved up 1% in the pre-market trading session.
Earnings & Revenues
In the quarter under review, the company reported an adjusted loss per share of 7 cents, narrower than the Zacks Consensus Estimate of a loss of 12 cents. In the year-ago quarter, the company reported an adjusted loss per share of 85 cents.
Revenues in the quarter totaled $5.4 million, beating the consensus mark of $5.3 billion. In the prior-year quarter, CCL reported revenues of $3.8 billion. Passenger ticket and onboard and other revenues were $3.5 billion and $1.9 billion, respectively.
Carnival Corporation Price, Consensus and EPS Surprise
Carnival Corporation price-consensus-eps-surprise-chart | Carnival Corporation Quote
Q4 Financials
During the fiscal fourth quarter, the company reported a GAAP net loss of $48 million compared with a loss of $1.6 billion reported in the prior-year quarter. Adjusted net loss in the quarter amounted to $90 million compared with $1.1 billion reported in the year-ago quarter.
Balance Sheet
As of Nov 30, 2023, cash and cash equivalents were $2.4 billion compared with $4 billion as of Nov 30, 2022. Carnival ended the quarter with liquidity of $5.4 billion. Total debt (current and long-term) as of Nov 30, 2023, was $30.6 billion compared with $34.5 billion as of Nov 30, 2022.
Adjusted EBITDA, as of Nov 30, 2023, came in at $946 million against $(96) million reported in the prior-year quarter.
Bookings Update
During the fiscal fourth quarter, the company reported solid bookings for the Europe segments. The company stated booking to be elevated 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 Nov 30, 2023 were $6.4 billion compared with $6.3 billion reported in the previous quarter. The amount was higher than $5.1 billion reported on Nov 30, 2022.
2023 Highlights
Total revenues in fiscal 2023 came in at $21.6 billion compared with $12.2 billion reported in fiscal 2022.
Adjusted EBITDA in fiscal 2023 came in at $4.2 billion against $(1.7) billion reported in fiscal 2022.
In fiscal 2023, adjusted earnings per share (EPS) came in at breakeven against $(4.67) reported in the previous year.
2024 Outlook
For the first quarter of fiscal 2024, the company expects adjusted EBITDA to be approximately $0.8 billion. The company expects fiscal first-quarter adjusted net income to be nearly ($0.28) billion. The company expects a fiscal first-quarter adjusted loss per share to be 22 cents.
For fiscal 2024, the company anticipates adjusted EBITDA to be approximately $5.6 billion. Adjusted net income during the year is anticipated to be nearly $1.2 billion. In the fiscal 2024, the company expects adjusted EPS to be nearly 93 cents.
Zacks Rank and Stocks to Consider
Currently, Carnival carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector include:
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
RCL has a trailing four-quarter earnings surprise of 28.3%, on average. Shares of RCL have surged 132.3% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 13.7% and 38.1%, respectively, from the year-ago period’s levels.
Live Nation Entertainment, Inc. (LYV - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 37.5%, on average. Shares of LYV have increased 28.2% in the past year.
The Zacks Consensus Estimate for LYV’s 2024 sales and EPS indicates a rise of 8.2% and 61.1%, respectively, from the year-ago period’s levels.
JAKKS Pacific, Inc. (JAKK - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 61.8%, on average. Shares of JAKK have increased 115% in the past year.
The Zacks Consensus Estimate for JAKK’s 2024 sales indicates a rise of 3.6% from the year-ago period’s levels.