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Carnival Corp upped its annual profit forecast during its earnings report, amid posting a smaller than expected loss. The cruise liner posted record first-quarter revenues of $5.41bn and an adjusted net loss of $180mn or a diluted EPS of -$0.17 vs. expectations of -$0.1769. The company achieved all-time high booking volumes with increased ticket prices. Carnival expects net yields in to increase 9.5% vs. 2023 levels, and adjusted EBITDA in 2Q 2024 to grow by over 50% compared to 2Q 2023. Besides, in the recent quarter, Carnival generated cash from operations of $1.8bn and adjusted free cash flow of $1.4bn. It redeemed its remaining second lien debt (9.875% second-priority secured note) and also upsized its forward starting revolving facility by $400mn and extended its availability by two years.
Carnival’s bonds were trading stable with its 6% 2029s up 1.5 points to 99, yielding 6.23%.
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