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Carnival recorded a second-quarter loss of 32 cents a share.
Dreamstine
Carnival
stock was falling Monday despite the cruise company posting a narrower-than-expected loss for its second quarter, amid “continued acceleration of demand.”
Carnival (ticker: CCL) recorded a second-quarter loss of 32 cents a share—narrower than the 34-cents loss analysts had expected, according to FactSet. In the same period last year, it posted a loss of $1.61 a share.
“With bookings and customer deposits hitting all-time highs, we are clearly gaining momentum on an upward trajectory,” CEO Josh Weinstein said in the earnings release.
Sales for the period were $4.911 billion, higher than the $4.788 billion Wall Street forecast. A year ago, the cruises company posted sales of $2.401 billion.
For the full year 2023, the company expects adjusted earnings before interest, tax, depreciation, and amortization of $4.10 billion to $4.25 billion, “above March guidance’s range and with a midpoint increase of $175 million.”
Carnival stock has had a strong year, gaining 84%, but it was down 6.3% to $14.80 in early trading on Monday—possibly a selloff following the earnings report. This puts it on pace for its largest percent decrease since November 2022, when it lost 14%, according to Dow Jones Market Data.
Peers
Royal Caribbean Group
(
RCL
) and
Norwegian Cruise Line
(NCLH) were also in the red—declining 0.9% and 2.5%, respectively.
Write to Emily Dattilo at emily.dattilo@dowjones.com
