Carnival Corporation reports significant growth in new-to-cruise bookings for a record-breaking quarter.
- New-to-cruise bookings rose by 17% compared to the previous year, marking a further increase from the last quarter’s 10% rise.
- Overall revenues for the third quarter reached an unprecedented $7.9 billion, with net income soaring by 60% to $1.7 billion.
- The cruise corporation has raised its full-year profit guidance amid strong demand and cost-saving initiatives.
- Future bookings are already at a record high, with substantial progress in bookings for 2024, 2025, and 2026.
Carnival Corporation has experienced remarkable growth in its new-to-cruise bookings, seeing a 17% increase over the past quarter compared to the same timeframe last year. This continues the company’s upward trend from the last quarter’s 10% rise, reflecting the corporation’s effective demand-generation strategies.
The cruise giant’s financial performance for the third quarter is noteworthy, with revenues reaching an all-time high of $7.9 billion. In a significant leap, the company’s net income rose by 60% to $1.7 billion, exceeding previous guidance by $170 million.
Carnival’s robust performance has prompted an upward revision of its full-year 2024 adjusted profit guidance to $6 billion, indicating a 40% increase over the previous year. This revision is attributed to the strong market demand and the exploitation of cost-saving opportunities.
Looking ahead, Carnival’s president, Josh Weinstein, confirmed during the earnings call that their future bookings are at an all-time high. The company is already two-thirds booked for the next 12 months, with nearly half of the 2025 sailings already reserved, showcasing enduring consumer interest.
Weinstein praised the significant contribution of travel agents in enhancing Carnival’s market presence. Improved website usability and the compelling value offered have further attracted passengers, including new-to-cruise customers, leading to a notable shift in market share from land-based vacations.
Alaska itineraries have been a standout, with bookings described as ‘off the charts’ over the past year, particularly as cruising offers unique access to the region.
Repeat guests have also increased, showing a double-digit percentage rise over the previous year. The considerable interest and bookings have driven record customer deposits of approximately $7 billion, accompanied by increased pre-cruise onboard revenue purchases.
The company’s strategic enhancements, including the introduction of Carnival’s private island, Celebration Key, in 2025, are anticipated to further enhance passenger experiences and booking figures.
Weinstein noted the increasing booked position for North American and European brands, stressing the effectiveness of demand generation across the corporation’s optimised portfolio.
Carnival Corporation’s record-breaking third quarter and strategic foresight position it strongly for sustained growth in the coming years.
