by Ana Figueroa
Last updated: 3:00 PM ET, Thu March 22, 2018
Carnival Corporation & plc announced record first quarter earnings and revenues today. Revenues for the first quarter of 2018 of $4.2 billion were higher than the $3.8 billion in the prior year.
"We are off to a strong start to the year achieving another quarter of record earnings on record revenues and exceeding the high end of guidance. This strong operational execution affirms our efforts to create demand in excess of measured capacity growth and exceed guest expectations once on board. Our guest experience efforts, coupled with our ongoing marketing and public relations programs are clearly accelerating cruise demand across the board to drive cruise ticket prices higher," said Carnival Corporation & plc president and CEO Arnold Donald.
During an earnings conference call with industry analysts this morning, Donald was upbeat on a number of fronts. Early on, he acknowledged the hard work of travel agent partners across the globe.
He also pointed to a number of successful marketing efforts that have helped increase capacity. They include Carnival Cruise Line's appointment of Shaquille O'Neal as their new "CFO," Chief Fun Officer. Costa Cruises has launched a new ad campaign featuring Shakira that will be aired in Southern Europe. And, P&O Cruises introduced a new marketing campaign featuring UK comedian Rob Brydon.
"The Shaq campaign is inspiring others to choose fun. It's generated more than 2.7 billion impressions so far," said Donald.
Additionally, the company's original television programming continues to do well on ABC and NBC.
For the remainder of the year, Carnival's cumulative advanced bookings are in line with the prior year at higher prices.
"The booking strength achieved during this year's wave season, outpacing even last year's record levels, demonstrates sustained strong demand for our world's leading cruise brands and delivers further confidence in our raised earnings guidance," said Donald.
He admits that one sticking point remains the Eastern Caribbean and San Juan.
"There is still some hurricane malaise hangover, but we're being patient. Those waiting to see better pricing before they book are probably going to miss out. Our guests are having a great time and they're coming back happy. Overall, the Caribbean is strong," said Donald.
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