Sales of $5.397 billion beat the analyst consensus of $5.306 billion.

Passenger Cruise Days (PCD) rose to 23.6 million from 18.3 million a year ago. Occupancy for Q4 was 101%. 

Total customer deposits reached a fourth-quarter record of $6.4 billion, surpassing the previous fourth-quarter record of $5.1 billion (as of November 30, 2022) by 25%.

Selling and administrative expenses rose to $788 million from $741 million a year ago.

The operating income for the quarter was $384 million compared to a loss of $(1.14) billion last year. 

Adjusted EPS loss of $(0.07) beat the consensus loss of $(0.13). 

Operating cash flow for the year was $4.3 billion, with an adjusted free cash flow of $2.1 billion.

The company held $2.42 billion in cash and equivalents as of November 30, 2023. 

Net yields (in constant currency) is projected to rise around 16.5% Y/Y in Q1, with occupancy returning to historical levels as the company closes the remaining occupancy gap in H1. 

For FY24, CCL sees adjusted EBITDA of about $5.6 billion and adj. EPS of $0.93 (same as in consensus).

Net yields (in constant currency) are projected to rise around 8.5% Y/Y in FY24, reflecting continued pricing and onboard spending strength. 

Price Action: CCL shares are up 7.61% at $19.44 on the last check Thursday. 

Photo via Company