Strong First Quarter for Carnival Corporation as Revenue and all-time high Bookings Hit Record

The world’s largest cruise company Carnival Corporation has announced record revenue and all-time high bookings in the first quarter of 2024.

Revenues for the three months ending in February hit a record $5.4 billion marking a 26% increase from the same period 2023.

Booking volumes for the first quarter reached an all-time high, with prices considerably higher than the previous year… This is due to the continued strength in demand and improvements in adjusted cruise costs excluding fuel guidance by $35 million, compared to December’s guidance.

Customer deposits for the first quarter reached a record $7.0 billion, exceeding the previous first quarter record by $1.3 billion. The company also managed to redeem its remaining second lien debt and increased its forward starting revolving facility by $400 million while extending its availability by two years.

Carnival Corporation ordered its first newbuilds in five years in the first quarter, which are set to be delivered to Carnival Cruise Line in 2027 and 2028.

“We delivered another strong quarter that outperformed guidance on every measure, while concluding a monumental wave season that achieved all-time high booking volumes at considerably higher prices,” said Carnival Corporation & plc’s Chief Executive Officer, Josh Weinstein.

 “Continued execution coupled with strengthening demand for our brands is driving increased confidence in our ongoing performance,” said Carnival Corporation & plc’s Chief Financial Officer David Bernstein.

“Looking forward over the next several years, we expect our robust revenue growth, responsible approach to capital investment, and ongoing efforts to refinance debt at favorable rates to deliver substantial free cash flow which will significantly reduce our leverage and build shareholder value,” Bernstein added.

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