Carnival Stock Gains After Q3 Results

Carnival Corp & plc CCL CUK reported third-quarter results with a net loss of $(2.84) billion and an adjusted net loss of $(1.99) billion.
The company ended the quarter with $7.8 billion of liquidity, believes it to be sufficient to return to full cruise operations.
For Cruise segments, revenue per passenger cruise day for Q3 increased compared to 2019, driven in part by solid onboard and other revenue.
Occupancy was 54% for the quarter, building consistently month-to-month from 39% in June to 59% in August.
Voyages for the quarter were cash flow positive, and the company expects this to continue. Eight of the company's nine brands have resumed guest operations as of August 31, 2021.
Booking volumes for all future cruises during Q3 were higher than booking volumes during Q1 but not as strong during Q2, primarily due to lower booking volumes in August, reflecting uncertainty around the COVID-19 Delta variant.
Carnival's monthly average cash burn rate was $510 million for Q3. Total customer deposits increased by $630 million to $3.1 billion as of August 31, 2021, from $2.5 billion as of May 31, 2021.
For Q4, the company expects the monthly average cash burn rate to be higher than the prior quarters of 2021 due to incremental restart expenditures.
It expects a net loss on both a U.S. GAAP and adjusted basis for Q4 and FY21.
Price Action: CCL shares are trading higher by 3.14% at $25.46 on the last check Friday.