Carnival reported a fiscal fourth quarter loss narrower than anticipated by analysts. But revenue fell short of expectations.
The cruise operator incurred a loss of -85 cents per share, vs. the Zacks Consensus Estimate of a loss of -89 cents (as reported by Zacks Equity Research). The figure is also narrower than the year-ago quarter’s loss per share of -$1.72 per share.
Revenues in the quarter rose to $3,839 million, from $1,287 million, but was lower than the consensus forecast of $3,959 million.
Carnival experienced accelerated booking volumes during the fiscal fourth quarter, on the back of relaxed protocols, opening of more markets for cruise travel and advertising strategies. North America and Australia segment's 2023 booking volumes are above 2019 levels, while those of Europe and Asia were lower than the same.
According to Carnival, its 2023 cumulative advanced booked position is above the historical ranges and at higher prices compared with 2019.
As of Nov 30, total customer deposits were $5.1 billion compared with $4.8 billion reported in the previous quarter, and $4.9 billion in 2019.