LSE$CUK
Carnival · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Achieved positive adjusted EBITDA for the first time since resuming guest cruise operations and experienced nearly 80% revenue increase compared to the second quarter of 2022.
Carnival Corporation & plc reported a U.S. GAAP net loss of $770 million and an adjusted net loss of $688 million for Q3 2022, with adjusted EBITDA exceeding $300 million, marking a significant milestone. Revenue increased by nearly 80% compared to the previous quarter, and occupancy increased by 15 percentage points.
- Net loss of $770 million and adjusted net loss of $688 million for the third quarter of 2022.
- Adjusted EBITDA for the third quarter of 2022 was over $300 million, turning positive for the first time since the resumption of guest cruise operations.
- Revenue increased by nearly 80% in the third quarter of 2022 compared to second quarter 2022.
- Occupancy in the third quarter of 2022 increased 15 percentage points from the prior quarter.
Headline financials
Revenue & EPS history
Carnival · Revenue · Quarterly
£4.31B
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
The company anticipates positive adjusted EBITDA for the second half of 2022 and expects improvement in adjusted EBITDA and occupancy on a year-over-year basis, with occupancy returning to historical levels during 2023.
Tailwinds
- Expecting continued improvement in the fourth quarter of 2022 with a low double-digit increase as compared to the fourth quarter of 2019 driven in part by higher advertising expense to drive 2023 revenue.
- Anticipates positive adjusted EBITDA for the second half of 2022.
- Expects improvement in adjusted EBITDA and occupancy on a year-over-year basis.
- Occupancy returning to historical levels during 2023.
- Expects to drive a 10% reduction in fuel consumption per ALBD in 2023, along with a 9% reduction in carbon emissions per ALBD on an annualized basis, both as compared to 2019.
Headwinds
- Given the seasonality of its business, the company expects a net loss and breakeven to slightly negative adjusted EBITDA for the fourth quarter ending November 30, 2022.
- Cumulative advance bookings for the fourth quarter of 2022 are below the historical range and at lower prices, primarily due to future cruise credits (“FCCs”), as compared to 2019 sailings.
- While the company’s year-to-date adjusted cruise costs excluding fuel per ALBD during 2022 has benefited from the sale of smaller-less efficient ships and the delivery of larger-more efficient ships, this benefit is offset by a portion of its fleet being in pause status for part of the year, restart related expenses, an increase in the number of dry dock days, the cost of maintaining enhanced health and safety protocols, inflation and supply chain disruptions.
- Fuel consumption forecast for the remainder of the year is 724 thousand metric tons.
- Interest expense, net of capitalized interest forecast for the remainder of the year is $0.4 billion.
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 Q3 2022
+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% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro