Shares of Carnival Corp. (NYSE: CCL) are down today after the cruise company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.55, which beat analysts’ consensus estimate of -$0.60 per share.
Sales increased by 166.7% year-over-year, with revenue hitting $4.43 billion. This beat analysts’ expectations by $130 million. The company is enjoying record booking volumes as January to March tends to be the busiest time of the year.
Looking forward, management now expects adjusted EBITDA for Fiscal Year 2023 to be in the range of $3.9 billion to $4.1 billion. For reference, analysts were anticipating an EBITDA of $4.18 billion. This is attributable to a $500 million headwind from fuel prices and currencies.
Overall, Wall Street analysts are sidelined about CCL stock with a Hold consensus rating based on three Buys, four Holds and one Sell.
