CCL stock declined and was trading at $9.04 as of 02:17 PM EDT on Thursday.
Carnival (NYSE:CCL) is expected to release its third-quarter earnings results on Friday, September 30th, before the market opens. The Miami-based cruise line reported significant top- and bottom-line shortfalls for the second quarter, with an adjusted net loss of $1.9 billion and losses projected to continue until the end of the year.
Despite worse than anticipated earnings, Carnival (NYSE:CCL) was upbeat due to rising occupancy rates and predictions that demand will eventually return to pre-pandemic levels. Occupancy increased to 69% in the second quarter from 54% in the first. Additionally, during the quarter, consumer deposits climbed by $1.4 billion.
With over 90% of the fleet now in service, CEO Arnold Donald stated at the time that “we are aggressively, yet wisely, ramping up to full operations, driving occupancy higher, while at the same time dramatically boosting available capacity.”
CCL stock earnings, outlook
However, experts are quite ahead of Carnival’s (NYSE:CCL) earnings as the operator tries to increase passenger numbers to those prior to the epidemic. EPS projections have had 12 downward revisions and 0 upward revisions in the last three months. There have been nine reductions in revenue predictions compared to 2 increases.
Carnival (NYSE:CCL) is anticipated to see its loss per share narrow to -$0.15 on revenues of $4.91 billion, based on current consensus projections. However, despite underperforming the S&P 500 by a significant margin and struggling roughly on par with rivals Royal Caribbean Cruises (NYSE:RCL) and Norwegian Cruise Line (NYSE:NCLH), shares have fallen more than 60% in the past year. Carnival (NYSE:CCL) has outperformed revenue predictions 50% of the time over the past year while missing EPS estimates 0% of the time.
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