Investing.com -- Carnival Corp. (NYSE:CCL) stock edged higher in choppy early trading on Monday, after cruise operator posted a smaller-than-expected loss in the first quarter of its new fiscal year, as revenue rebounded to within 5% of pre-pandemic levels.
Carnival, which has lost over $25 billion over the last three years due to the acute problems caused by COVID-19 in the cruise sector, said revenue rose to $4.4B in the three months through February, thanks to the highest booking volumes for any quarter in its history. The release of pent-up demand meant that $5.7B of customer deposits for cruises flooded in, some 16% above its previous record, set in 2019.
As a result, the group's basic operating performance was markedly better than its own guidance. Adjusted earnings before interest, taxes, depreciation, and amortization rose to $382 million, more than 25% above the midpoint of the $250-350M guidance range it had given three months earlier.