A lot of people want to take cruises these days.
Carnival reported earnings Tuesday, and it said that it just came off a record second quarter. The company posted $92 million in net income on $5.8 billion in revenue. The net income figure was a $500 million upswing from the same time last year.
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As part of a post-COVID-19 surge in travel spending, Carnival has been taking advantage of all the demand that’s coming its way.
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“The unprecedented level of demand for 2025 sailings, coupled with flat capacity growth next year, translates into meaningful pricing power,” said Carnival chief executive officer Josh Weinstein. “And while it is still early for 2025, both price and occupancy are already ahead of where we were last year, leaving us in a position of strength with less inventory remaining for 2025. It also shows in our more than $8 billion of customer deposits, which shattered last year’s record by $1.1 billion.”
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Business is so good that Carnival raised its year-end guidance on earnings (before interest, taxes, depreciation, and amortization) by $200 million to $5.83 billion.
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The good news also buoyed the stocks of other cruise operators. Shares of Norwegian Cruise Line were up more than 5%, and Royal Caribbean shares were up 4%.
Carnival cruise stock up 8% on record demand
