The earnings call highlighted a record-breaking year with strong financial performance, significant improvements in key metrics, and a positive outlook for 2025. The company's successful cost management, sustainability achievements, and strategic investments in new destinations further support the positive sentiment. However, challenges such as potential Mexican passenger charges and reliance on organic growth due to limited new capacity were noted.

Company Guidance

During the Carnival Corporation & plc Fourth Quarter 2024 Earnings Conference Call, the company provided robust guidance for the upcoming years, reflecting strong financial performance and strategic initiatives. The call revealed that fourth-quarter net income surpassed expectations by over $125 million, driven by a 6.7% increase in yields and record revenues of $25 billion for the year. The company reported an 11% increase in full-year yields, attributed largely to higher prices across major brands, and onboard spending that accelerated each quarter. Carnival's ongoing cost management resulted in unit costs coming in 100 basis points better than initial guidance. Looking ahead, 2025 is projected to see yield growth exceeding 4%, with EBITDA per ALBD and ROIC targets expected to be met a year early. The company also highlighted significant debt reduction efforts, having paid down over $8 billion since January 2023, contributing to an improved net debt-to-EBITDA ratio of 4.3x. Additionally, Carnival emphasized its enhanced destination strategy, including the launch of Celebration Key, and progress on sustainability goals, such as a 17.5% reduction in greenhouse gas emissions intensity compared to 2019.

Record-Breaking Year in 2024

Full year revenues hit an all-time high of $25 billion with record yields, per diems, EBITDA, and operating income. Customer deposits and booking trends also reached record levels.

Significant Improvement in Financial Metrics

Fourth quarter net income improved by over $250 million year-over-year, exceeding expectations by over $125 million. Full year 2024 yield increased by 11%, outperforming original guidance by 250 basis points.

Strong Outlook for 2025

2025 is projected to have yield growth exceeding 4% with incremental $400 million to the bottom line. Booking volumes and prices are higher for each quarter of 2025 compared to the previous year.

Successful Cost Management

Unit costs came in 100 basis points better than original guidance due to cost savings initiatives and an easing inflationary environment.

Sustainability Achievements

Achieved a 17.5% reduction in greenhouse gas emissions intensity since 2019, on track for a 20% reduction by 2026. Absolute emissions are down almost 10% despite a 9% increase in size since 2019.

Debt Reduction and Financial Health

Paid down over $8 billion in debt since January 2023 peak, with $5 billion repaid in 2024 alone. Net debt-to-EBITDA ratio improved to 4.3x, nearing investment-grade metrics.

New Destination Strategy

Introduction of Celebration Key and the rebranding of Half Moon Cay to RelaxAway are expected to enhance customer experience and drive additional demand.

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Carnival (CCL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CCL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 01, 2025	2025 (Q1)	0.01 / -	-0.14	―	―	―
Dec 20, 2024	2024 (Q4)	0.07 / 0.14	-0.07	300.00% (+0.21)	―	―
Sep 30, 2024	2024 (Q3)	1.18 / 1.27	0.86	47.67% (+0.41)	―
Jun 25, 2024	2024 (Q2)	-0.01 / 0.11	-0.31	135.48% (+0.42)	―
Mar 27, 2024	2024 (Q1)	-0.18 / -0.14	-0.55	74.55% (+0.41)	―
Dec 21, 2023	2023 (Q4)	-0.13 / -0.07	-0.85	91.76% (+0.78)	―
Sep 29, 2023	2023 (Q3)	0.75 / 0.86	-0.581	248.02% (+1.44)	―
Jun 26, 2023	2023 (Q2)	-0.34 / -0.31	-1.639	81.09% (+1.33)	―
Mar 27, 2023	2023 (Q1)	-0.60 / -0.55	-1.654	66.75% (+1.10)	―
Dec 21, 2022	2022 (Q4)	-0.88 / -0.85	-1.722	50.64% (+0.87)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CCL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 20, 2024	$25.18	$26.80	+6.43%
Sep 30, 2024	$18.54	$18.48	-0.32%
Jun 25, 2024	$16.39	$17.82	+8.72%
Mar 27, 2024	$17.03	$17.19	+0.94%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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