Carnival Corp. (CCL) Q1 loss narrows on strong revenue growth

Carnival Corporation & plc. (NYSE: CCL) on Monday reported a narrower net loss for the first quarter of 2023 when the cruise company’s revenues more than doubled.

Revenues more than doubled to $4.43 billion in the February quarter, aided by strong growth in both operating segments. Occupancy increased sharply to an impressive 91%.

As a result, the net loss narrowed to $693 million or $0.55 per share in the first quarter from $1.89 billion or $1.66 per share in the corresponding period of 2022. The company also provided guidance for the second quarter and fiscal 2023.

“We are enjoying a phenomenal wave season, achieving our highest-ever quarterly booking volumes and breaking records in both North America and Europe. Our strong performance has extended into March and we expect this favorable trend to continue based on the success of our efforts to drive demand,” said Carnival’s chief executive officer Josh Weinstein.