LSE$CUK
Carnival · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Outperformed guidance on all measures, achieved record first quarter net per diems, and experienced the highest booking volumes for any quarter in its history.
Carnival Corporation & plc reported a U.S. GAAP net loss of $693 million, or $(0.55) diluted EPS, and adjusted net loss of $690 million, or $(0.55) adjusted EPS, which was better than the December guidance. The company's revenue for the first quarter of 2023 was $4.4 billion, representing 95% of 2019 levels. Total customer deposits reached a first quarter record of $5.7 billion. Cash from operations turned positive.
- U.S. GAAP net loss of $693 million, or $(0.55) diluted EPS, and adjusted net loss of $690 million, or $(0.55) adjusted EPS, better than the December guidance.
- Adjusted EBITDA for the first quarter of 2023 was $382 million, better than the December guidance.
- Revenue in the first quarter of 2023 was $4.4 billion, representing 95% of 2019 levels.
- Total customer deposits reached a first quarter record of $5.7 billion, surpassing the previous first quarter record by 16%.
Headline financials
Revenue & EPS history
Carnival · Revenue · Quarterly
£4.43B
Revenue by segment
Carnival · £4.31B total across 2 segments · Q3 2022
- Passenger Ticket£2.6B—60.3%
- Onboard and Other£1.71B—39.7%
Forward guidance
For the full year 2023, the company expects Adjusted EBITDA of $3.9 billion to $4.1 billion and occupancy of 100% or higher. For the second quarter of 2023, the company expects Adjusted EBITDA of $600 million to $700 million and occupancy of 98% or higher.
Tailwinds
- Adjusted EBITDA of $3.9 billion to $4.1 billion for the full year 2023.
- Occupancy of 100% or higher for the full year 2023, returning to historical levels this summer.
- Adjusted EBITDA of $600 million to $700 million for the second quarter of 2023, a significant improvement compared to the first quarter of 2023.
- Occupancy of 98% or higher for the second quarter of 2023, a seven percentage point gap (or less) from 2019.
- Net per diems of 2.5% to 3.5% (in constant currency) above 2019 levels for the second quarter of 2023.
Headwinds
- Approximately $0.5 billion unfavorable impact from fuel price and currency compared to 2019 for the full year 2023.
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) one point higher than December guidance for the full year 2023, reflecting an expected increase in occupancy levels and strategic decisions taken during the quarter.
- Adjusted cruise costs excluding fuel per ALBD higher than first quarter of 2023 for the second quarter of 2023, reflecting an expected increase in occupancy levels and higher dry-dock related expenses.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2023
+1.4%
Avg return
Earnings day
+1.4%
Avg return
5 days after
+1.8%
Avg return
30 days after
64%
21 / 33 earnings
Positive
+19.5%
Q4 2025
Best reaction
-25.4%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +1.5% | — | — | |
| Q4 2025 | +19.5% | +18.2% | +9.0% | |
| Q3 2025 | -4.8% | -4.8% | -8.6% | |
| Q2 2025 | +11.1% | +14.8% | +25.8% | |
| Q1 2025 | -2.0% | -1.0% | -14.8% | |
| Q4 2024 | +2.2% | +1.8% | +2.5% | |
| Q3 2024 | -3.4% | -3.0% | +19.1% | |
| Q1 2024 | -4.3% | -5.0% | -11.6% | |
| Q4 2023 | +4.5% | +2.6% | -4.7% | |
| Q3 2023 | -5.7% | -9.1% | -21.9% | |
| Q2 2023 | +0.1% | +18.9% | +12.8% | |
| Q1 2023 | +0.6% | +10.8% | -4.4% | |
| Q4 2022 | -2.8% | -3.2% | +31.2% | |
| Q3 2022 | -25.4% | -18.5% | -1.1% | |
| Q2 2022 | +9.7% | -7.3% | -6.1% | |
| Q1 2022 | -3.6% | -3.7% | +2.2% | |
| Q4 2021 | +12.4% | +16.9% | +17.3% | |
| Q3 2021 | +6.8% | +3.4% | -9.5% | |
| Q2 2021 | -1.8% | -6.4% | -18.5% | |
| Q4 2017 | +1.7% | -0.0% | +5.0% | |
| Q3 2017 | +0.5% | +1.1% | +4.8% | |
| Q2 2017 | -0.3% | -1.7% | +0.9% | |
| Q1 2017 | +0.1% | +0.3% | +5.2% | |
| Q4 2016 | +2.9% | +2.7% | +3.1% | |
| Q3 2016 | +3.1% | +3.6% | -1.0% | |
| Q2 2016 | +2.7% | +4.3% | +9.3% | |
| Q1 2016 | +5.8% | — | — | |
| Q4 2015 | +7.0% | — | — | |
| Q3 2015 | -2.4% | — | — | |
| Q2 2015 | +0.3% | — | — | |
| Q1 2015 | +8.5% | — | — | |
| Q1 2014 | -5.1% | — | — | |
| Q4 2013 | +8.0% | — | — |
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