Carnival stock experienced a significant rise following the cruise line’s better-than-expected quarter and the announcement of robust vacation demand.
In the fiscal fourth quarter, Carnival reported a loss of 7 cents per share, amounting to a revenue of $5.4 billion. These figures surpass analysts’ predictions, which anticipated a loss of 13 cents per share on revenue of $5.3 billion.
Remarkably, this revenue marks a new record for Carnival’s fourth-quarter performance. A year ago, the company incurred a loss of 85 cents per share with revenue amounting to $3.84 billion.
“We entered the year with the best booked position we have ever seen, and now have nearly two-thirds of our occupancy already on the books for 2024, at considerably higher prices,” declared CEO Josh Weinstein in the earnings release.
Furthermore, Carnival emphasized that booking volumes during the fourth quarter exceeded levels from both 2019 and the previous year. This serves as compelling evidence that, even in a post-pandemic world, travelers are eagerly willing to invest in exploring the globe.
As a result of this positive news, shares of Carnival surged by 6.4% on Thursday, settling at $19.22. Notably, the stock has seen a staggering 124% increase throughout this year.