NYSE$CCL
Carnival Corp · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Carnival's Q1 2023 earnings outperformed guidance with record booking volumes and positive cash from operations.
Carnival Corporation & plc reported a U.S. GAAP net loss of $693 million for Q1 2023, but this was better than the previously guided range. The company achieved record first quarter net per diems, driven by improving ticket prices and sustained growth in onboard revenue. Total customer deposits reached a first quarter record of $5.7 billion. The company expects continued growth in cash from operations to be the driver for paying down debt over time.
- Net loss of $693 million, or $(0.55) diluted EPS, better than the December guidance.
- Adjusted EBITDA was $382 million, exceeding the December guidance range.
- Revenue was $4.4 billion, representing 95% of 2019 levels.
- Total customer deposits reached a first quarter record of $5.7 billion.
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, Carnival expects adjusted EBITDA of $3.9 billion to $4.1 billion and occupancy of 100% or higher, returning to historical levels this summer. 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 full year 2023
- Occupancy of 100% or higher for full year 2023, returning to historical levels this summer
- Sequential improvement in each quarter in adjusted EBITDA per ALBD compared to 2019
- Net per diems above 2019 levels
- Adjusted EBITDA of $600 million to $700 million for the second quarter of 2023
Headwinds
- Approximately $0.5 billion unfavorable impact from fuel price and currency compared to 2019
- Adjusted cruise costs excluding fuel per ALBD (in constant currency) one point higher than December guidance
- Adjusted net income (loss) (in millions) for Q2 2023 is expected to be between $(525) to $(425)
- Adjusted earnings per share for Q2 2023 is expected to be between $(0.42) to $(0.34)
- Fuel consumption in metric tons (in millions) for Q2 2023 is expected to be 0.7
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
-0.3%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+0.2%
Avg return
30 days after
44%
32 / 72 earnings
Positive
+29.0%
Q1 2020
Best reaction
-25.2%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.8% | -3.1% | — | |
| Q4 2025 | +9.7% | +10.3% | +2.0% | |
| Q3 2025 | -4.0% | -6.7% | -9.0% | |
| Q2 2025 | -1.2% | +0.8% | +3.2% | |
| Q1 2025 | -1.2% | -1.3% | -15.1% | |
| Q4 2024 | +2.2% | +2.4% | +2.7% | |
| Q3 2024 | -2.8% | -2.8% | +19.5% | |
| Q2 2024 | +12.1% | +14.2% | +4.3% | |
| Q1 2024 | -4.1% | -4.5% | -11.5% | |
| Q4 2023 | +4.8% | +3.0% | -4.1% | |
| Q3 2023 | -5.5% | -9.3% | -22.9% | |
| Q2 2023 | +0.6% | +19.2% | +11.7% | |
| Q1 2023 | +1.1% | +10.0% | -5.1% | |
| Q4 2022 | -2.7% | -3.6% | +29.3% | |
| Q3 2022 | -25.2% | -18.9% | -2.4% | |
| Q2 2022 | +9.3% | -8.1% | -4.0% | |
| Q1 2022 | -3.4% | -3.0% | +3.0% | |
| Q4 2021 | +12.4% | +16.0% | +16.1% | |
| Q3 2021 | +6.8% | +3.4% | -9.7% | |
| Q2 2021 | -0.1% | -8.4% | -22.0% | |
| Q1 2021 | -0.1% | -3.0% | -6.4% | |
| Q4 2020 | -1.2% | -2.9% | +32.5% | |
| Q3 2020 | -1.9% | -12.3% | -13.6% | |
| Q2 2020 | +4.8% | +19.9% | -2.5% | |
| Q1 2020 | +29.0% | +47.1% | +35.1% | |
| Q4 2019 | +9.9% | +9.2% | +11.3% | |
| Q3 2019 | -9.3% | -11.6% | -7.3% | |
| Q2 2019 | -11.8% | -14.0% | -14.7% | |
| Q1 2019 | -10.6% | -10.5% | -5.0% | |
| Q4 2018 | -13.0% | -16.0% | -0.2% | |
| Q3 2018 | -4.8% | -5.8% | -19.0% | |
| Q2 2018 | -5.9% | -9.8% | -9.1% | |
| Q1 2018 | -4.0% | -2.0% | -1.8% | |
| Q4 2017 | +1.7% | -0.4% | +3.6% | |
| Q3 2017 | +0.3% | +1.7% | +4.9% | |
| Q2 2017 | +0.0% | -2.1% | +0.9% | |
| Q1 2017 | +0.2% | +0.1% | +3.6% | |
| Q4 2016 | +3.4% | +3.3% | +4.2% | |
| Q3 2016 | +2.3% | +3.3% | -0.2% | |
| Q2 2016 | +1.9% | +2.8% | +6.6% | |
| Q1 2016 | +6.3% | — | — | |
| Q4 2015 | +6.9% | — | — | |
| Q3 2015 | -2.2% | — | — | |
| Q2 2015 | -0.2% | — | — | |
| Q1 2015 | +7.4% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | +1.9% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | -5.9% | — | — | |
| Q4 2013 | +4.7% | — | — | |
| Q3 2013 | -12.6% | — | — | |
| Q2 2013 | +4.7% | — | — | |
| Q1 2013 | -5.1% | — | — | |
| Q4 2012 | -5.2% | — | — | |
| Q3 2012 | -0.6% | — | — | |
| Q2 2012 | -3.1% | — | — | |
| Q1 2012 | -0.2% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q3 2011 | -7.7% | — | — | |
| Q2 2011 | +1.9% | — | — | |
| Q1 2011 | -6.3% | — | — | |
| Q4 2010 | +2.6% | — | — | |
| Q3 2010 | -0.2% | — | — | |
| Q2 2010 | +1.3% | — | — | |
| Q1 2009 | +1.3% | — | — | |
| Q1 2010 | +0.4% | — | — | |
| Q4 2007 | -0.8% | — | — | |
| Q2 2009 | -0.8% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q3 2008 | -2.5% | — | — | |
| Q3 2009 | -2.5% | — | — | |
| Q4 2008 | -2.5% | — | — |
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