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Carnival Sunshine cruise ship underway at sea

Photo: Ivan Cholakov /

Strong First Quarter for Carnival Corporation as Revenue and Bookings Hit Record

Mike Schuler
Total Views: 468
March 27, 2024

The world’s largest cruise company Carnival Corporation has announced record revenue and all-time high bookings in the first quarter of 2024.

Revenues for the three months ending in February hit a record $5.4 billion marking a 26% increase from the same period 2023 thanks, in part, to record net yields and record net per diems, both of which far exceeded levels from the previous year.

The company has also made significant strides in improving its bottom line, reporting a net loss of $214 million compared to the $693 net loss in the first quarter of 2023. The adjusted net loss was better than the figures in its guidance in December, with demand driving ticket prices higher.

Booking volumes for the first quarter reached an all-time high, with prices considerably higher than the previous year. After a successful wave season, the company has increased its full-year 2024 net yield guidance by over a point to approximately 9.5 percent, compared to 2023. This is due to the continued strength in demand and improvements in adjusted cruise costs excluding fuel guidance by $35 million, compared to December’s guidance.

Customer deposits for the first quarter reached a record $7.0 billion, exceeding the previous first quarter record by $1.3 billion. The company also managed to redeem its remaining second lien debt and increased its forward starting revolving facility by $400 million while extending its availability by two years.

Carnival Corporation ordered its first newbuilds in five years in the first quarter, which are set to be delivered to Carnival Cruise Line in 2027 and 2028.

“We delivered another strong quarter that outperformed guidance on every measure, while concluding a monumental wave season that achieved all-time high booking volumes at considerably higher prices,” said Carnival Corporation & plc’s Chief Executive Officer, Josh Weinstein.

For Q2 2024, Carnival expects a 10.5% increase in net yields, a 3.0% rise in adjusted cruise costs per ALBD, and an Adjusted EBITDA of around $1.05 billion, a 50% increase from Q2 2023. Looking at the full year, in 2024 Carnival expects a 9.5 percent increase in net yields due to strong demand and full occupancy, $35 million less in adjusted cruise costs excluding fuel, and an adjusted EBITDA of around $5.63 billion, a 30 percent rise from 2023, despite a $130 million impact from Red Sea rerouting.

“Continued execution coupled with strengthening demand for our brands is driving increased confidence in our ongoing performance,” said Carnival Corporation & plc’s Chief Financial Officer David Bernstein.

“Looking forward over the next several years, we expect our robust revenue growth, responsible approach to capital investment, and ongoing efforts to refinance debt at favorable rates to deliver substantial free cash flow which will significantly reduce our leverage and build shareholder value,” Bernstein added.

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