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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