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Carnival Corporation reports ‘monumental wave season’

Carnival Corporation has reported record first-quarter revenues of $5.4 billion with “continued strength in demand driving ticket prices higher”.

The parent of cruise brands such as Cunard, Holland America Line and P&O Cruises said it made a net loss of $214 million in the three months to the end of February, compared to a loss of $686 million in the same period last year.

The adjusted net loss of $180 million was better than December guidance, “with continued strength in demand driving ticket prices higher”, said the company.

Total customer deposits reached a first-quarter record of $7 billion, surpassing the previous first quarter record by $1.3 billion.

Josh Weinstein (pictured), chief executive, 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.

“These results are a continuation of the strong demand we have been generating across our brands and all core deployments.

“With much of this year on the books, we have even greater conviction in delivering record revenues and Ebitda [earnings before interest and taxes], along with a step change improvement in operating performance, and have begun turning more of our attention to delivering an even stronger 2025.”

He added: “Even with less inventory available for the remainder of the year, booking volumes hit an all-time high, driven by demand for 2025 sailings and beyond.”

Weinstein told analysts that all-time high booking volumes were achieved in the period at considerably higher prices. 

“In fact, our North American and European brands both set booking records in the first quarter with pricing strong across all core deployments and across all quarters.”

He added: “Our record book position and activity did not just happen and it is not the result of pent-up demand from repeat guests built up during the pause, which is now years in the rear-view mirror. 

“It is because we have been creating more consideration and broad-based demand for cruise travel in all of our source markets across our well-balanced portfolio.

“And as a result, we are capturing more new guests than ever before which coupled with our growing base of repeat guests, delivers greater overall demand. 

“Our brands are delivering sustainable revenue growth that hits the bottom line.

“At the same time, our brands are continuing to pull the booking curve forward in line with our yield management strategy to base load bookings and ultimately support higher overall pricing over the course of the booking curve.”

Weinstein also pointed out P&O Cruises’ new advertising campaign, Holiday Like Never Before, “really hit home with its British guest base”.

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