Carnival Corporation's Record Revenues, New Ships, and Sustainability Efforts
2023-12-30
Carnival Corporation, one of the world's largest cruise companies, recently held its earnings conference call to discuss its financial performance and future plans. The call featured key participants such as CEO Beth Roberts, CFO Josh Weinstein, Chair David Bernstein, and Micky Arison. During the call, several important business questions were addressed, covering a range of topics including financial measures, company achievements, new ships, marketing campaigns, sustainability efforts, and more.
In terms of financial measures, the call referenced various metrics such as ticket prices, net per diem, net yields, adjusted cruise costs without fuel, EBITDA, net income, net loss, earnings per share, free cash flow, and return on invested capital (ROIC). The company provided guidance for net income and EBITDA for the full year of 2024, as well as yield guidance for the year.
The company also highlighted its achievements in the past year, including record revenues, record booking levels, and record customer deposits in all four quarters. It was mentioned that the fourth-quarter yields were significantly higher than a very strong 2019, and both North American and European brand occupancy levels exceeded 101% in the fourth quarter. Per diems for North American brands were also up double digits over 2019.
In terms of new ships, Carnival Cruise Line announced the addition of Carnival Jubilee, Sun Princess, and Queen Anne to its fleet. Carnival Jubilee will have its inaugural home in Galveston, Texas. The company also mentioned the strategic asset project at Half Moon Cay, which involves the construction of a pier-side berth that can accommodate even the largest vessels. Additionally, the company is investing in two floating dry docks to reduce travel time, preserve revenue days, and reduce fuel consumption.
Marketing campaigns were also discussed during the call. Costa's new campaign focused on moments where guests were left speechless, while Holland America's new campaign was a sequel to its highly successful Time of Your Life campaign. AIDA's new campaign was called AIDA Moments.
Sustainability efforts were highlighted, with the company aiming to reduce greenhouse gas emissions by 20% from 2019 levels by 2024, four years ahead of the original goal. The company has been actively working to reduce its environmental footprint and fuel costs. It was also mentioned that the company's absolute emissions were over 10% lower than the peak in 2011, despite a 30% capacity growth since then.
Overall, the earnings conference call provided insights into Carnival Corporation's financial performance, achievements, future plans, and commitment to sustainability. The company's focus on financial metrics, new ships, marketing campaigns, and sustainability efforts demonstrated its dedication to delivering value to its stakeholders and ensuring a positive guest experience.