Carnival Corporation & plc. (NYSE: CCL) on Monday said its revenues more than doubled in the second quarter of 2023. As a result, the cruise line operator’s net loss narrowed sharply.
Revenues more than doubled to $4.91 billion in the May quarter, reflecting strong growth in both operating segments.
Occupancy increased sharply to 98%.
Consequently, the company’s Q2 net loss narrowed to $407 million or $0.32 per share from $1.83 billion or $1.61 per share in the corresponding period of 2022. The management provided guidance for the third quarter and fiscal 2023.
“We reached a meaningful inflection point for revenue this quarter, with net yields surpassing 2019’s strong levels, and we achieved positive operating income, cash from operations, and adjusted free cash flow,” said Carnival’s chief executive officer Josh Weinstein.