Business
Carnival Corporation 2Q 2024 Earnings
Carnival Corporation 2Q 2024 Earnings.
About this update from Carnival Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n CARNIVAL CORPORATION & PLC REPORTS RECORD SECOND QUARTER REVENUES, OPERATING INCOME AND BOOKING LEVELS, OUTPERFORMS SECOND QUARTER GUIDANCE AND RAISES FULL YEAR 2024 GUIDANCE MIAMI, June 25, 2024 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced financial results for the second quarter 2024 and provided an updated outlook for the full year and an outlook for third quarter 2024.\tSecond quarter net income improved by nearly $500 million compared to 2023 and adjusted net income outperformed March guidance by nearly $170 million (see \"Non-GAAP Financial Measures\" below).\tRecord second quarter operating income of $560 million, nearly five times 2023 levels, on record second quarter revenues of $5.8 billion.\tRaised full year 2024 net yield guidance (in constant currency) to approximately 10.25 percent on continued strong demand and raised full year adjusted net income guidance by approximately $275 million.\tCumulative booked position for the remainder of 2024 continues to be the best on record in both price (in constant currency) and occupancy.\tWhile early, cumulative booked position for full year 2025 is even higher than 2024 in both price (in constant currency) and occupancy.\tTotal customer deposits reached an all-time high of $8.3 billion, surpassing the previous record by $1.1 billion.\"We have made incredible strides in improving our commercial operations, strategically reallocating our portfolio composition and formulating growth plans, while strengthening even further our global team, the best in the business. Off the back of that effort, we closed yet another quarter delivering records, this time across revenues, operating income, customer deposits and booking levels, exceeding our guidance on every measure,\" commented Carnival Corporation & plc's Chief Executive Officer Josh Weinstein.\"Based on continued strong demand trends, we are taking up our expectations for the year with net yields now forecasted to top ten percent and propelling us towards double-digit returns on invested capital. On our upwardly revised guidance, we will be on average around two-thirds of the way to achieving our three 2026 SEA Change targets after just one year. With two years remaining, it certainly gives us even more conviction in achieving these deliverables,\" Weinstein added.Se...