LSE$CUK
Carnival · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Reported a net loss but showed improved performance compared to previous quarters and 2019.
Carnival Corporation & plc reported a U.S. GAAP net loss of $1.6 billion for Q4 2022, with an adjusted net loss of $1.1 billion. However, the company saw improvements in revenue per passenger cruise day and occupancy compared to both Q3 2022 and 2019 levels. Customer deposits hit a record $5.1 billion, and the company ended the quarter with $8.6 billion in liquidity.
- Revenue per passenger cruise day increased 0.5% compared to 2019.
- Occupancy was 19 percentage points below 2019 levels, an improvement from the previous quarter.
- Total customer deposits reached a record $5.1 billion.
- Ended the quarter with $8.6 billion of liquidity.
Headline financials
Revenue & EPS history
Carnival · Revenue · Quarterly
£3.84B
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
Carnival Corporation anticipates continued improvement in 2023, with occupancy returning to historical levels in the summer. The company expects a sequential improvement compared to 2019 in each quarter of 2023 and expects to generate significant positive adjusted EBITDA in 2023.
Tailwinds
- Occupancy for the first quarter of 2023 is expected to be 90% or slightly higher, a 14 percentage point gap, or better, from 2019 levels.
- The company continues to expect to close the gap to 2019 levels, with occupancy returning to historical levels in the summer of 2023, which has historically been well over 100%.
- The company expects a 15% reduction in both fuel consumption per ALBD and carbon emissions per ALBD on an annualized basis for the full year 2023, both as compared to 2019.
- The company expects $250 to $350 million of adjusted EBITDA for the first quarter of 2023.
- The company expects a sequential improvement compared to 2019 in each quarter of 2023 as it continues to close the gap.
Headwinds
- The company expects an adjusted net loss of $750 to $850 million for the first quarter of 2023.
- Capacity growth is expected to be 3.7% for the first quarter of 2023 compared to the first quarter of 2019
- The company’s interest expense, net of capitalized interest and interest income forecast for the first quarter of 2023 is $0.5 billion.
- The company’s depreciation and amortization forecast for the first quarter of 2023 is $0.6 billion.
- Currencies USD to 1Q 2023 AUD$0.67 CAD$0.73 EUR$1.05 GBP$1.23
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 Q4 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% | — | — |
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