Carnival Corporation achieved several financial milestones in the first quarter of 2024 – including record first quarter revenues, record net yields and record net per diems. During the quarter booking volumes hit an all-time high, with prices considerably higher year over year.
The company improved its first quarter bottom line by nearly $500 million compared to 2023 and the adjusted net loss was better than December guidance, with continued strength in demand driving ticket prices higher. Total customer deposits reached a first quarter record of $7.0 billion, surpassing the previous first quarter record by $1.3 billion.
"This has been a fantastic start to the year. We delivered another strong quarter that outperformed guidance on every measure, while concluding a monumental wave season that achieved all-time high booking volumes at considerably higher prices," said Carnival Corporation CEO Josh Weinstein.
Carnival Corp. & plc COO Josh Weinstein will become president and CEO on Aug. 1, 2022. (Photo courtesy of Carnival Corp.) (Photo Credit: Carnival Corporation Media)
"These results are a continuation of the strong demand we have been generating across our brands and all core deployments, leading to an upward revision of full year expectations by more than a point of incremental yield improvement and setting us up nicely to deliver a nearly double-digit improvement in net yields," Weinstein added.
"With much of this year on the books, we have even greater conviction in delivering record revenues and EBITDA, along with a step change improvement in operating performance, and have begun turning more of our attention to delivering an even stronger 2025."
Also during the quarter, the world’s largest cruise company ordered its first newbuilds in five years -- the tenth and eleventh in its successful Excel-class – with deliveries scheduled for 2027 and 2028.
Weinstein says Carnival Corp. experienced an early start to a robust wave season with record booking volumes for all future sailings that exceeded expectations. It achieved considerably higher prices than last year on first quarter booking volumes, having entered 2024 with less inventory remaining for sale, in line with the company's strategy to pull the booking curve forward.
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Carnival is building Celebration Key, a port destination in the Bahamas. (Photo Credit: Carnival Cruise Line)
"We are enjoying a phenomenal wave season with strength across all major deployments and brands. Even with less inventory available for the remainder of the year, booking volumes hit an all-time high, driven by demand for 2025 sailings and beyond. Our brands have demonstrated continued success creating demand that outstrips available capacity translating into higher prices and a further elongation in the booking curve," Weinstein noted.
The company's booked position for the remainder of the year continues to be the best on record, with both pricing and occupancy considerably higher than 2023.
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