Summary by Moomoo AI
Carnival Corporation reported strong second quarter results with revenue increasing 18% to $5.8 billion and operating income surging to $560 million from $120 million last year. Passenger ticket revenues rose 20% to $3.8 billion driven by higher ticket prices, increased capacity, and improved occupancy reaching 104%. Onboard and other revenues grew 15% to $2.0 billion.Operating costs increased 10% to $3.8 billion, primarily due to higher capacity, increased commissions, and occupancy-related expenses. Interest expense decreased 17% to $450 million due to lower debt levels and interest rates. The company ended the quarter with $4.6 billion in liquidity, including $1.6 billion in cash and $3.0 billion available under credit facilities.Looking ahead, Carnival continues to see strong demand and pricing trends across its cruise brands. The company is focused on debt reduction and refinancing to extend maturities and lower interest costs. Management noted the implementation of EU Emissions Trading Scheme in 2024 will have an estimated $50 million impact, as the company advances its sustainability initiatives.
