Mon, Sep 30, 3:33 PM (292 days ago)
For the third quarter ending August 31, 2024, Carnival Corporation & plc reported a significant improvement in financial performance, with total revenues increasing to $7.9 billion, up 15% from $6.9 billion in the same period last year. This growth was driven by a 15% rise in passenger ticket revenues to $5.2 billion and a 15% increase in onboard and other revenues. The operating income surged to $2.2 billion, compared to $1.6 billion in 2023, reflecting enhanced operational efficiency and higher occupancy rates, which reached 112%. Despite rising operational expenses, which rose 9.8% to $4.3 billion due to increased capacity and higher commissions, net income rose to $1.7 billion, significantly up from $1.1 billion in the prior year. The company maintained a strong liquidity position with $4.5 billion available, including $1.5 billion in cash and $3 billion under its revolving credit facility. However, a working capital deficit increased to $8.6 billion, attributed to higher customer deposits. Looking ahead, Carnival faces uncertainties including fluctuating fuel prices, geopolitical risks, and regulatory changes, particularly related to climate initiatives. The company continues to focus on debt management and operational efficiencies to navigate these challenges.