Carnival Corporation reported record second-quarter net income of $569 million, more than 20% higher than the prior year, with revenues outperforming March guidance by $100 million. Customer deposits reached an all-time high of $9 billion, and yields exceeded expectations for a 12th consecutive quarter of record yields. The company improved fuel efficiency by more than 5% year-over-year and kept unit operating costs flat, outperforming cost guidance by 2.5 points. Carnival repurchased over 17 million shares for over $450 million, and its net debt to adjusted EBITDA ratio improved to 3.1 times. The company expects full-year EBITDA to exceed $7 billion, though it revised its full-year yield growth guidance down by 100 basis points due to geopolitical volatility, particularly the prolonged Middle East conflict impacting European deployments.
Carnival CorporationRecord Q2 net income, revenue beat, cost control, share buybacks, and debt reduction.