Carnival's stock rallied Friday, after the cruise operator booked its first quarterly profit since before the COVID pandemic.
Shares of Carnival Corp. rallied Friday after the cruise operator booked its first quarterly profit since before the COVID pandemic, as “significantly elevated” demand led to record revenue and bookings.The company swung to net income for the quarter to Aug. 31 of $1.07 billion, or 79 cents a share, from a loss of $770 million, or 65 cents a share, in the same period a year ago.
The company had not reported a net profit since the quarter that ended in November 2019, according to FactSet data, while the adjusted profit was the first since the quarter that ended February 2020. “The outperformance was driven by strength in demand, with both our North America and Australia segment and Europe segment equally outperforming expectations,” said Chief Executive Josh Weinstein.
“We are maintaining strong momentum and continuing to build demand through our improved commercial execution,” CEO Weinstein said. “Booking volumes during the quarter were running nearly 20 percent above 2019 levels and multiples of our capacity growth, which has continued into September.”
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