Business
Carnival 1Q Business Update
Carnival 1Q Business Update.
About this update from Carnival Plc
[{"type":"text","content":"\n \n Carnival Corporation & plc Provides First Quarter 2021 Business Update\n MIAMI, April 7, 2021 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) provides first quarter 2021 business update.\n \n \n U.S. GAAP net loss of $(2.0) billion and adjusted net loss of $(2.0) billion for the first quarter of 2021.\n \n \n First quarter 2021 ended with $11.5 billion of cash and short-term investments.\n \n \n Cash burn rate in the first quarter of 2021 was better than expected as the company has identified and implemented opportunities to optimize its monthly spend.\n \n \n Booking volumes for all future cruises during the first quarter of 2021 were approximately 90% higher than booking volumes during the fourth quarter of 2020.\n \n \n Cumulative advanced bookings for full year 2022 are ahead of a very strong 2019, despite minimal advertising or marketing.\n \n \n Six of the company's nine brands are expected to resume limited guest cruise operations by this summer.\n \n \n AIDA resumed guest cruise operations in March sailing in the Canary Islands.\n \n \n Costa expects to resume guest cruise operations in May sailing to Italian ports.\n \n \n P&O Cruises (UK), Cunard and Princess Cruises will each offer a series of UK cruises this summer.\n \n \n Seabourn expects to resume guest cruise operations this summer sailing from Greece.\n \n \n \n \n Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted, \"We are focused on resuming operations as quickly as practical, while at the same time demonstrating prudent stewardship of capital and doing so in a way that serves the best interests of public health. Our highest responsibility and therefore our top priority is always compliance, environmental protection and the health, safety and well-being of everyone.\" Donald added, \"Our portfolio of brands have clearly been an asset as we resume operations this summer with nine ships across six of our brands.\"\n Donald continued, \"Throughout the pause we have been positioning Carnival Corporation to return to serving guests an operationally stronger company than we were before. With an exciting roster of six new, more efficient ships by December and with lower capacity from the exit of 19 less efficient ships, we expect to capitalize on pent-up demand and achieve significant...