Carnival hikes annual profit target on record cruise demand

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vacations continue to be more affordable than land-based options, particularly for lower-income customers, Carnival said. This affordability has helped the company show "remarkable resilience amid heightened volatility," as more people are booking last-minute and seeking value during economic uncertainty."This past quarter's margins were the highest we've achieved in nearly 20 years," CEO Josh Weinstein said on a post-earnings call, as last-minute bookings, strong onboard spending and higher ticket prices boosted results.The Holland America and Princess cruise operator reported revenue of $6.33 billion for the quarter ended May 31, beating analysts' estimates of $6.21 billion, according to data compiled by LSEG.Total customer deposits reached a record $8.5 billion. The company said its cumulative advanced bookings for 2026 are in line with 2025 record levels and at historically high prices in constant currency.Adjusted net income rose to $470 million, or 35 cents per share, during the quarter, also led by the timing of expenses between quarters. Analysts, on average, had estimated a profit of 24 cents per share.The company said it exceeded its 2026 SEA Change financial targets 18 months early, with adjusted return on invested capital and adjusted EBITDA per available lower berth day — profit earned per available bed per day — reaching the highest levels in nearly two decades.Carnival forecast fiscal 2025 adjusted earnings per share of about $1.97, compared with prior expectations of $1.83.Outlook for the second half of the year benefits from more favorable exchange rates of about $40 million or 3 cents per share, Truist equity analyst Patrick Scholes said in a note.(Reporting by Savyata Mishra in Bengaluru and Doyinsola Oladipo in New York; Editing by Tasim Zahid)Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,148.75 +1.75 (+0.03%)Dow Futures43,320.00 +14.00 (+0.03%)Nasdaq Futures22,476.25 +15.25 (+0.07%)Russell 2000 Futures2,153.80 +0.50 (+0.02%)VIX16.76 -0.72 (-4.12%)Gold3,346.20 +3.10 (+0.09%)PortfolioSign in to access your portfolioSign inTop gainersQS QuantumScape Corporation 5.67 +1.34 (+30.95%)AVAV AeroVironment, Inc. 234.94 +41.66 (+21.55%)NKTR Nektar Therapeutics 29.12 +4.67 (+19.10%)TMC TMC the metals company Inc. 7.49 +0.88 (+13.31%)LNW Light & Wonder, Inc. 94.48 +8.66 (+10.09%)Top losersSITM SiTime Corporation 203.75 -37.85 (-15.67%)SMR NuScale Power Corporation 38.66 -4.58 (-10.59%)PAYX Paychex, Inc. 137.94 -14.31 (-9.40%)EQIX Equinix, Inc. 824.31 -82.19 (-9.07%)LMND Lemonade, Inc. 41.10 -3.83 (-8.52%)Most activeNVDA NVIDIA Corporation 154.31 +6.41 (+4.33%)QS QuantumScape Corporation 5.67 +1.34 (+30.95%)LCID Lucid Group, Inc. 2.1400 -0.0300 (-1.38%)TSLA Tesla, Inc. 327.55 -12.92 (-3.79%)NU Nu Holdings Ltd. 13.23 -0.20 (-1.49%)Earnings eventsTrending tickersMU Micron Technology, Inc. 127.25 -0.66 (-0.52%)NVDA NVIDIA Corporation 154.31 +6.41 (+4.33%)SMCI Super Micro Computer, Inc. 46.61 +3.77 (+8.80%)BP BP p.l.c. 30.32 +0.49 (+1.64%)PAYX Paychex, Inc. 137.94 -14.31 (-9.40%)Top economic events