Carnival Corp reported better than expected results, reporting a Q4 adjusted loss of $0.85/share vs. estimates of $0.87/share. Adjusted net losses stood at $1.07bn, down 45% YoY, but better than an estimated loss of $1.08bn. However, revenues missed expectations at $3.84bn vs. estimates of $3.93bn. In terms of impairments, Carnival’s ship and other impairments were at $433mn, much lower than estimates of $844.7mn. Occupancy rates also rose to 85% from 58% last year, helping the overall business. Carnival’s occupancy for 1Q 2023 is expected to be 90% or slightly higher.

Carnival’s dollar bonds were up over 0.9 points. Its 10.5% 2030s are up 2.8 points 83.21, yielding 14.23%.

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