Carnival shares rise as flood of demand for cruise bookings bolsters record quarterly results [Fortune]
D/B/A Royal Caribbean Cruises Ltd. (RCL)
Last d/b/a royal caribbean cruises ltd. earnings: 2/4 08:00 am
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Source: Fortune
The biggest winner is cruise companies, with Carnival reporting on Tuesday that it had reached record revenue in the second quarter of 2024. The outlook for the cruise giant is even rosier for 2025, with advanced bookings set to be higher than in 2024. Analysts at UBS maintained their buy rating on the stock, setting a target price of $21. Carnival shares rose Tuesday on the news, reaching $18.40 at time of publication after hovering around $16 at the start of the week. A rising tide After a disastrous 2020 and 2021, which saw cruise companies lose tens of billions of dollars and become saddled with debt, they won back customers with what a Morningstar analyst referred to as "diplomatic pricing"—offering deep discounts and packaging together amenities. In Tuesday's second-quarter earnings release, Carnival announced it had prepaid around $6.6 billion in debt over the last 15 months, reducing its debt by nearly 40%. With growing revenue, however, the company also has invested i
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- Carnival shares rise as flood of demand for cruise bookings bolsters record quarterly results [Yahoo! Finance]Yahoo! Finance
RCL
Earnings
- 4/25/24 - Beat
RCL
Sec Filings
- 6/14/24 - Form 4
- 6/13/24 - Form 144
- 6/4/24 - Form 4
- RCL's page on the SEC website