Carnival stock jumps as revenue, occupancy and booking volumes improve


Shares of Carnival Corp. CCL, +12.44% rallied 3.5% in morning trading Friday, after the cruise operator provided business update for the second quarter, in which cash from operations turned positive but revenue came up short of expectations. The company said second-quarter revenue increased by “nearly 50%” from the sequential first quarter, while the current FactSet consensus of $2.76 billion implies 69.9% growth from the first-quarter’s $1.62 billion. Meanwhile, second-quarter occupancy of 69% improved from 54% in the prior quarter, customer deposits increased to $5.1 billion from $3.7 billion and booking volumes for all future sales during Q2 were nearly double volumes during Q1. The company said cash from operations turned positive in April, and was positive in the second quarter. The company also expects a net loss for the third quarter and for the full year, which compares with the FactSet consensus for net income of $599.6 million.

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