Crowder Securities Limited - Carnival Stock Rises on Record Revenue, Bright 2024 Outlook

Carnival Corp. (CCL) stock rose on Thursday after the firm announced record fourth-quarter and full-year revenue and forecasted another great year in 2024.
WAN CHAI, Hong Kong - Dec. 26, 2023 - PRLog -- Revenue in the fourth quarter was $5.4 billion, up 40% from the previous quarter and roughly 13% more than the same time in 2019, just before COVID ceased operations. Full-year sales reached a new high of $21.6 billion as consumers released pent-up demand – and savings – on travel.

Carnival's net loss shrank to $48 million in the fourth quarter from $1.6 billion the previous year. On an adjusted basis, the corporation recorded net profits of $1 million for the whole year, making 2023 the company's first successful year since the pandemic began.

Management felt optimistic about the year 2024. Due to strong demand in the second part of this year, occupancy in 2024 is already two-thirds booked.

"We continue to experience strong bookings momentum across the board, with our European brands showing remarkable strength during the quarter with booking volumes running up well into the double digits at considerably higher prices," Josh Weinstein, the company's chief executive officer, said in the

The corporation also emphasized its efforts to reduce debt, which has been a focus this year as increasing interest rates have increased borrowing expenses. Long-term debt was little over $30 billion at the conclusion of the fourth quarter, after paying roughly $6 billion during the year.

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