Q4 2024 Carnival Corp and Carnival PLC Earnings Call Transcript
Key Points
- Carnival Corp (CCL) achieved record revenues for the seventh consecutive quarter, with strong booking trends and customer deposits.
- Fourth quarter net income improved by over $250 million year over year, exceeding expectations by $125 million.
- Full year revenues reached an all-time high of $25 billion, with cash from operations nearly $6 billion.
- The company achieved a 17.5% reduction in greenhouse gas emissions intensity versus 2019, on track to meet its 2026 target.
- Carnival Corp (CCL) has paid down over $8 billion of debt since January 2023, significantly reducing interest expenses.
- Despite strong performance, the company faces potential challenges with new passenger charges in Mexico, which could impact itineraries.
- The introduction of Celebration Key will increase operating expenses, impacting year-over-year cost comparisons by about 0.5 point.
- Carnival Corp (CCL) anticipates a 3.7% increase in cruise costs without fuel per ALBD for 2025, driven by inflation and higher advertising expenses.
- The European Union Allowance regulation will increase carbon emissions costs, impacting fuel expenses by approximately $0.03 per share.
- The company is still working to achieve investment-grade leverage metrics, with a current net debt-to-EBITDA ratio of 4.3 times.
Greetings, and welcome to the Carnival Corporation and plc fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Beth Roberts, Senior Vice President, Investor Relations. Please go ahead, Beth.
Thank you. Good morning, and welcome to our fourth quarter 2024 earnings conference call. I'm joined today by our CEO, Josh Weinstein; our Chief Financial Officer, David Bernstein; and our Chair, Micky Arison.
Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to the forward-looking statement in today's press release. All references to ticket prices, net per diems, net yields and adjusted cruise costs without fuel will be in constant currency unless otherwise stated.
References to per diems and yields will be on a net basis. Our comments may also reference cruise costs without fuel, EBITDA, net
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