Carnival Corporation reports record Q3 revenue of $6.9bn

Net income tops $1bn with ‘no signs of slowing’ from consumers

Carnival Corporation reports record Q3 revenue of $6.9bn

Carnival Corporation & plc has reported its third-quarter revenues have hit an all-time high of $6.9 billion, with net income topping $1 billion.

It is the first time since the resumption of guest cruise operations that net income has turned positive, marking a “significant milestone”, said the company.

The parent of cruise brands such as Cunard, Holland America Line and P&O Cruises said booking volumes during the third quarter and the month of September continued at “significantly elevated levels”.

Josh Weinstein, chief executive, said: “We delivered over $1 billion to the bottom line with revenue reaching an all-time high.

MoreCarnival Corporation to raise prices as deposits reach all-time high

“Both revenue and earnings significantly exceeded expectations this quarter enabling us to take up expectations for the year.

“The outperformance was driven by strength in demand, with both our North America and Australia segment and Europe segment equally outperforming expectations.

“It is gratifying to see the power of our portfolio deliver, as our continental European brands have stepped up nicely.

“I continue to be encouraged with our revenue trajectory heading into next year as we see no signs of slowing from our consumers.”

The company’s cumulative advanced booked position for full-year 2024 is well above the high end of the historical range at higher prices than 2023 levels.

Total customer deposits reached a third-quarter record of $6.3 billion, surpassing the previous Q£ record of $4.9 billion – reported in August 31, 2019 – by 28%.

“We are maintaining strong momentum and continuing to build demand through our improved commercial execution,” said Weinstein.

“Booking volumes during the quarter were running nearly 20% above 2019 levels.

“Our booked position for 2024 is further out than we have ever seen and at strong prices.

“With less remaining inventory to sell, despite a 5% increase in capacity, we are well positioned to drive pricing higher and deliver strong yield improvement in 2024.”