Q3 2024 Carnival Corp and Carnival PLC Earnings Call Transcript
Key Points
- Carnival PLC (CUK) reported record revenue of almost $8 billion for Q3 2024, surpassing last year's record by $1 billion.
- Record EBITDA of $2.8 billion, up $600 million from the previous year and $160 million above guidance.
- Net income increased by over 60% compared to the previous year, achieving double-digit ROIC.
- Strong demand enabled an increase in full-year yield guidance for the third time in 2024.
- Record customer deposits of nearly $7 billion, driven by strong bookings for 2024, 2025, and 2026.
- Cruise costs without fuel per available lower berth day (ALBD) are expected to rise by 8% in Q4 2024.
- Higher dry dock days and advertising expenses are anticipated to impact Q4 2024 costs.
- Operating expenses for the new Bahamian destination, Celebration Key, will impact year-over-year cost comparisons by about 0.5 points in 2025.
- An increase of 17% in dry dock days for 2025 will impact cost comparisons by about 0.75 points.
- Debt reduction remains a priority, with a focus on managing high-cost debt and refinancing, indicating ongoing financial pressure.
Greetings, and welcome to the Carnival Corporation plc third-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Beth Roberts, Senior Vice President, Investor Relations. Thank you. You may begin.
Thank you. Good morning, and welcome to our third-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 income, free cash flow, and
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