Carnival Increases Profit Forecast Amid Record Cruise Demand

Carnival Corp has adjusted its profit forecast based on what it says will be a record year of cruise bookings driven by “revenge travel.”

"This has been a fantastic start to the year," CEO Josh Weinstein said in a statement, according to a statement issued by Carnival Corp. "We delivered another strong quarter that outperformed guidance on every measure, while concluding a monumental wave season that achieved all-time high booking volumes at considerably higher prices.”

For the first quarter of 2024, Carnival Corp’s revenue increased to $5.41 billion, which is significantly higher than 2023, the company said. Carnival reports that it improved its first quarter bottom line by nearly $500 million compared to 2023.

Booking volumes hit an all-time high with prices considerably higher year over year. For Q1 of 2024, bookings are projected to be the “best year on record” with total customer deposits amounting to an all-time high of $7 billion.

Carnival also reported an early start to a robust wave season with record booking volumes for all future sailings that exceeded expectations.

The cruise company also recently ordered new ships, which will be the company's first “new builds” in five years. The ships will be the tenth and eleventh in Carnival’s excel-class and are scheduled to be delivered in 2027 and 2028.

Carnival is not alone in experiencing a travel boom. Reuters reported that cruise companies across the board are reaping the benefits of all-time high bookings. In addition to the revenge travel trend, cruise demand is being driven by consumers seeking less expensive travel options, with land travel pricing becoming simply too costly, per Reuters.

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