Why Carnival (CCL) Shares Are Sinking Today - Carnival (NYSE:CCL)

Carnival Corp CCL reported third-quarter FY22 revenues of $4.30 billion, missing the consensus of $5.13 billion.
Passenger Cruise Day (PCD) increased 55% Q/Q to 17.7 million.
Available lower berth days (ALBD) for Q3 were 21 million, representing 92% of total fleet capacity.
Selling and administrative expenses rose 47% to $625 million.
The operating loss for the quarter narrowed to $(279) million from a loss of $(2.1) billion last year.
The company held $7.1 billion in cash and equivalents as of August 31, 2022.
Adjusted EBITDA for the quarter was $303 million.
EPS loss for the quarter was $(0.65) versus $(2.50) a year ago.
The company's GAAP net loss was $(770) million, and the adjusted net loss was $(688) million for Q3.
Outlook: Carnival said the cumulative advance bookings for Q4 FY22 are below the historical range and at lower prices.
The company expects a net loss and breakeven to slightly negative adjusted EBITDA for Q4 ending November 30, 2022.
Hurricane Ian Impact: Along with the earnings report, Carnival could face more headwinds from the impact of Hurricane Ian.
The company has closed several ports and has either delayed or canceled several cruise plans.
The issues above could lead to customer complaints, refunds, and fewer future bookings, all items that could weigh on future financial results.
Related: Hurricane Ian: What Florida Theme Parks, Cruise Lines And Sports Are Doing Before It Hits
Price action: CCL shares are trading lower by 19% at $7.41 on the last check Friday.
Photo Via Company

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Carnival Shares Sink On Q3 Miss, Expected Hurricane Ian Impact