Carnival Corp. (CCL), which is trying to recover after being shut down during the pandemic, released Q1 results that were slightly better than expected. The company’s revenue of $4.43 billion was $130 million higher than consensus estimates, while its quarterly loss of 55 cents per share was 5 cents better than expected.
Although Carnival’s shares fell 5% on the day of the announcement, they rose 6% on Tuesday following a Wells Fargo upgrade from “Underweight” to “Equal Weight” with a $9 price target. CCL closed at $9.33 on Tuesday.
The quarterly report contained some good news, including the fact that consumers are interested in cruising again. Carnival’s total customer deposits reached a Q1 high of $5.7 billion, surpassing the previous record of $4.9 billion in 2019. Occupancy for the first quarter was 91%, up seven percentage points from the previous year. Adjusted EBITDA was $382 million.
2023-03-29 09:00:00
Original from realmoney.thestreet.com