Carnival: Focus On Progress, Not Perfection

Update Mar. 28, 2023 After reporting a better than expected quarter, investors shouldn't take the FY23 guidance to heart. The cruise line continues to head back to normal operations with massive profits in the years ahead. Carnival shouldn't be trading near all-time lows. Q1 Non-GAAP EPS of -$0.55 beats by $0.05 . Revenue of $4.43B (+166.7% Y/Y) beats by $130M . Adjusted EBITDA for the first quarter of 2023 was $382 million, better than the December guidance range of $250 million to $350 million, despite a $31 million unfavorable impact from fuel price and currency rates since December guidance. Outlook: Adjusted EBITDA of $3.9 billion to $4.1 billionIncludes approximately $0.5 billion unfavorable impact from fuel price and currency compared to 2019 Sequential improvement in each quarter in adjusted EBITDA per ALBD compared to 2019, driven by closing the gap in occupancy to 2019 levels while achieving net per diems above 2019 levels Original article posted on March 21.