The company’s profit for Q3 stood at  $1.07 billion, or 79 cents per share, vastly outperforming its loss of $770 million, or 65 cents per share during the same quarter in 2022. Still, higher fuel costs have led the cruise ship company to forecast a wider-than-expected loss of $130 million during the fourth quarter. Still, this financial hit is expected to be a temporary one, with the cruise industry looking strong from a long-term perspective.

“Fear around inflation, shrinking consumer savings, student loan repayments, and other spending issues have bogged down shares recently, but should prove to be transient,” Morningstar research analyst Jaime Katz observed. “All signals indicate cruising is resonating with consumers.”

The post Carnival Raises Annual Forecast Following Third Quarter Profit appeared first on theprimarymarket.com.

Carnival Corp is still dealing with the consequences of the COVID-19 pandemic that had a significant impact on the cruise industry and caused the cruise operators to stop operations for prolonged periods of time. While the cruise industry is recovering, inflation, rising costs, and other factors are preventing many cruise companies from getting back on their feet.

Carnival managed to increase its profit from $546 million in 2021 to $4.31 billion, but this was nowhere near enough to meet the $4.90 billion estimated by analysts. It also recorded 58 cents per share loss compared to the estimated 15 cents expected.

The company doesn’t expect things will be better in the fourth quarter, estimating that it will record a loss or break close to even in the best-case scenario. However, Carnival’s CEO Josh Weinstein is keeping a positive outlook for the future.

 “Since announcing the relaxation of our protocols last month, we have seen a meaningful improvement in booking volumes and are now running considerably ahead of strong 2019 levels,” said Weinstein in a statement. “We expect to further capitalize on this momentum with renewed efforts to generate demand.”

The post Carnival Corp Misses Wall Street Estimates, Expects Loss in Q4 appeared first on theprimarymarket.com.

The company’s profit for Q3 stood at  $1.07 billion, or 79 cents per share, vastly outperforming its loss of $770 million, or 65 cents per share during the same quarter in 2022. Still, higher fuel costs have led the cruise ship company to forecast a wider-than-expected loss of $130 million during the fourth quarter. Still, this financial hit is expected to be a temporary one, with the cruise industry looking strong from a long-term perspective.

“Fear around inflation, shrinking consumer savings, student loan repayments, and other spending issues have bogged down shares recently, but should prove to be transient,” Morningstar research analyst Jaime Katz observed. “All signals indicate cruising is resonating with consumers.”

The post Carnival Raises Annual Forecast Following Third Quarter Profit appeared first on theprimarymarket.com.

Carnival Corp is still dealing with the consequences of the COVID-19 pandemic that had a significant impact on the cruise industry and caused the cruise operators to stop operations for prolonged periods of time. While the cruise industry is recovering, inflation, rising costs, and other factors are preventing many cruise companies from getting back on their feet.

Carnival managed to increase its profit from $546 million in 2021 to $4.31 billion, but this was nowhere near enough to meet the $4.90 billion estimated by analysts. It also recorded 58 cents per share loss compared to the estimated 15 cents expected.

The company doesn’t expect things will be better in the fourth quarter, estimating that it will record a loss or break close to even in the best-case scenario. However, Carnival’s CEO Josh Weinstein is keeping a positive outlook for the future.

 “Since announcing the relaxation of our protocols last month, we have seen a meaningful improvement in booking volumes and are now running considerably ahead of strong 2019 levels,” said Weinstein in a statement. “We expect to further capitalize on this momentum with renewed efforts to generate demand.”

The post Carnival Corp Misses Wall Street Estimates, Expects Loss in Q4 appeared first on theprimarymarket.com.