Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Carnival Corp (NYSE: CCL) (NYSE: CUK) posted a narrower-than-expected loss for its first quarter on Wednesday.
Carnival reported first-quarter FY24 sales growth of 22% year-on-year to $5.406 billion, slightly missing the analyst consensus estimate of $5.427 billion. Adjusted loss for the quarter of 14 cents beat the consensus of 18 cents, according to data from Benzinga Pro.
Passenger Cruise Day (PCD) increased 16.3% Y/Y to 23.5 million. Occupancy for the quarter was 102%. Available lower berth days (ALBD) were 23 million.
Carnival CEO Josh Weinstein said, “This has been a fantastic start to the year. 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.”
For the second quarter, Carnival sees an adjusted EBITDA of about $1.05 billion; Net yields in constant currency to grow 10.5%. The company sees second-quarter adjusted loss of 3 cents per share, matching the analyst estimate.
Carnival shares fell 0.1% to $17.18 in pre-market trading.
These analysts made changes to their price targets on Carnival following earnings announcement.
- Macquarie raised the price target on Carnival from $22 to $24. Macquarie analyst Paul Golding maintained an Outperform rating.
- JP Morgan increased the price target on Carnival from $22 to $23. JP Morgan analyst Matthew Boss maintained an Overweight rating.
- Barclays boosted the price target on Carnival from $24 to $25. Barclays analyst Brandt Montour maintained an Overweight rating.
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Latest Ratings for CCL
| Jan 2022 | Jefferies | Initiates Coverage On | Hold | |
| Dec 2021 | Goldman Sachs | Maintains | Neutral | |
| Dec 2021 | Credit Suisse | Maintains | Outperform |
View the Latest Analyst Ratings
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