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Despite topping earnings and revenue consensus expectations, CCL is down more than 7%, currently trading around the $15.56 mark.
The cruise line company reported a Q2 loss per share of $0.31, $0.03 better than the analyst estimate of a $0.34 loss per share. Revenue for the quarter came in at $4.9 billion versus the consensus estimate of $4.78 billion.
CCL stated its revenue for the second quarter was a record, as it saw a continued acceleration in demand, with total bookings made during the quarter reaching a new all-time high for all future sailings.
In addition, total customer deposits reached an all-time high of $7.2B, while cash from operations and adjusted free cash flow were positive in the second quarter of 2023.
For the full year 2023, CCL sees adjusted EBITDA of $4.10B to $4.25B, above March guidance’s range and with a midpoint increase of $175M. For Q3, it sees adjusted EBITDA between $2.05B and $2.15B.
