Why Carnival Shares Are Surging Today

  • Carnival Corp CCL CUK reported second-quarter FY22 sales growth of 50% Q/Q to $2.4 billion, missing the consensus of $2.62 billion.
  • The operating costs and expenses rose 132% to $3.9 billion. The operating loss narrowed to $(1.4) billion from $(1.6) billion a year earlier.
  • Occupancy in the second quarter of 2022 was 69% versus 54% last quarter.
  • EPS loss was $(1.61), compared to $(1.83) in Q2 FY21. The adjusted net loss for the quarter was $(1.95) billion.
  • As of June 24, 2022, 91% of the company's capacity was in guest cruise operation.
  • The company held $7.2 billion in cash and equivalents as of May 31, 2022.
  • Carnival CEO Arnold Donald noted, "With cash from operations turning positive and the company heading in the right direction, now is the time to transition leadership to the next generation,"
  • Carnival's next CEO Josh Weinstein noted, "I am honored to lead this company as we push forward with a relentless long-term focus on driving revenue and returns to improve our balance sheet, while ensuring each brand provides an authentic cruise experience that resonates with their unique guest base, delivering value for our shareholders and our other many stakeholders."
  • CCL appointed Deloitte & Touche LLP as its independent registered public accounting firm for 2024 to be effective upon the execution of an engagement letter and related standard client acceptance procedures.
  • Price Action: CCL shares are trading higher by 9.59% at $10.57 on the last check Friday.
  • Photo Via Company
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