by Sarah Kuta
Last updated: 3:50 PM ET, Thu December 21, 2023
Amid strong demand for cruising, Carnival Corporation reported record revenue for the fourth quarter and for the entire fiscal year.
The company, which owns multiple cruise lines, reported $5.4 billion in fourth-quarter revenue and $21.6 million in full-year revenue on Thursday.
The company owns Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Cunard, AIDA Cruises and Costa, as well as P&O Cruises in the United Kingdom and Australia.
Carnival posted a smaller-than-anticipated fourth-quarter net loss of $48 million, reports Reuters. The company saw a record number of bookings in the two weeks around Black Friday and Cyber Monday.
"We entered the year with the best booked position we have ever seen, and now have nearly two-thirds of our occupancy already on the books for 2024, at considerably higher prices," said Josh Weinstein, the company’s chief executive officer. “We continue to experience strong bookings momentum across the board.”
In the first quarter of 2024, Carnival is predicting that its revenue per passenger per cruise day will increase by 16.5 from the first quarter of 2023. First-quarter costs (excluding fuel) will also likely be higher, according to the cruise line, because of increased advertising during wave season, higher occupancy levels and greater dry-dock expenses.
The company is also forecasting a net income of $1.2 billion for fiscal year 2024.
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