Carnival plc, a leading cruise operator, reported a record-breaking financial performance for the year ended November 30, 2023. The company's full-year revenues soared to an all-time high of $21.6 billion, driven by a robust demand environment across all brands. Notably, Carnival achieved a positive net income of $1.07 billion during the third quarter, marking the first time since the resumption of guest cruise operations. The company also ended the year with a strong liquidity position, boasting $5.4 billion, after reducing its debt balance by $4.6 billion from its peak in the first quarter of 2023. Carnival entered 2024 with its best booked position on record for both price and occupancy, and customer deposits for each quarter in 2023 consistently surpassed previous records. The company's...Show More

Carnival plc, a leading cruise operator, reported a record-breaking financial performance for the year ended November 30, 2023. The company's full-year revenues soared to an all-time high of $21.6 billion, driven by a robust demand environment across all brands. Notably, Carnival achieved a positive net income of $1.07 billion during the third quarter, marking the first time since the resumption of guest cruise operations. The company also ended the year with a strong liquidity position, boasting $5.4 billion, after reducing its debt balance by $4.6 billion from its peak in the first quarter of 2023. Carnival entered 2024 with its best booked position on record for both price and occupancy, and customer deposits for each quarter in 2023 consistently surpassed previous records. The company's strategic initiatives, including the installation of SpaceX's Starlink internet across its fleet and the launch of the Maritime Asset Strategy Transformation (MAST), are expected to drive cost efficiencies and enhance guest experiences. Carnival's commitment to environmental sustainability led to a more than 10% reduction in absolute GHG emissions compared to 2011, despite a 30% capacity growth. The company introduced three new ships in 2023, contributing to a fleet that is now one year younger than before the pause in guest cruise operations. Looking ahead, Carnival plans to continue its fleet optimization and strategic asset projects, such as the construction of Celebration Key and the upsize in guest traffic at Half Moon Cay. The company anticipates another year of record revenues in 2024, with nearly two-thirds of the year already booked, and aims to actively manage down debt and reduce interest expense to progress towards achieving investment grade credit ratings.