What's Going On With Carnival (CCL) Shares During Monday's Session

Carnival Corp CCL shares are trading marginally higher by 0.32% to $18.89 Monday morning as the stock continues to experience volatility following last week's earnings report.

What Happened With Earnings?

Carnival Corporation announced quarterly losses of 31 cents per share, beating the analyst consensus estimate of a loss of 34 cents. The company also reported quarterly sales of $4.91 billion, exceeding the analyst consensus estimate of $4.77 billion by 2.96%. This marks a significant 104.54% increase over sales of $2.40 billion in the same period last year.

See Also: What's Going On With Western Alliance (WAL) Shares

Carnival says adjusted FY23 EBITDA is projected to be between $4.10 billion and $4.25 billion, surpassing the previously guided range and representing a midpoint increase of $175 million. However, there is an estimated unfavorable impact of approximately $0.5 billion from fuel price and currency compared to 2019.

What Else?

The company meanwhile says it has shown consistent improvement in adjusted EBITDA per ALBD (available lower berth day) compared to 2019, with each quarter exhibiting sequential growth. Occupancy levels are expected to reach or exceed 100%, while net per diems are projected to be 5.5% to 6.5% higher (in constant currency) than previously guided, driven by strong demand.

Adjusted cruise costs, excluding fuel per ALBD, are anticipated to be one and a half points higher than the previous guidance due to slower expected decreases in inflationary pressures, increases in incentive compensation reflecting performance improvements and continued investments in advertising.

Also, JP Morgan analyst Matthew Boss today maintained Carnival with an Overweight and raised its price target from $16 to $18.

According to data from Benzinga Pro, CCL has a 52-week high of $18.92 and a 52-week low of $6.11.