Carnival Corporation announced financial results for the second quarter 2024 for its 87 ships sailing under nine brands, reporting record second quarter operating income of $560m, nearly five times 2023 levels.
A written statement said cumulative booked position for the remainder of 2024 continues to be the best on record in both price (in constant currency) and occupancy.
Parent brand Carnival Cruise Line operates 22 ships, operating 1,500 voyages annually, and the company also owns Aida, Costa, Cunard, Holland America, two P&O brands, Princess and Seabourn,
- Cunard saw record-breaking bookings after the successful launch of Queen Anne in May
- P&O England gained widespread media attention as the sponsor of the BAFTA Television Awards for a second consecutive year
- Carnival Cruise Line and Princess Cruises held successful naming ceremonies for their new ships
- Holland America Line introduced “Glacier Day” on its Alaska cruises to enhance guest experiences with glacier views, commentary, and cuisine
- Carnival installed SpaceX’s Starlink for improved onboard connectivity across its fleet and implemented OneOcean software for environmental compliance and passage planning.
- The P&O Cruises (Australia) brand will be incorporated into Carnival Cruise Line in March 2025.
CEO Josh Weinstein said: “this positive trajectory is a testament to the successful execution of our demand generation efforts and the delivery of exceptional vacation experiences once onboard. The company continues to experience strong bookings momentum driven by record booking volumes for 2025 sailings. While still early, the cumulative advanced booked position for full year 2025 is even higher than 2024 in both price (in constant currency) and occupancy. With less inventory remaining for sale for the remainder of 2024, the company achieved considerably higher prices (in constant currency) on bookings taken during the second quarter compared to the prior year, which is aligned with the company’s yield management strategy. In fact, pricing for both its North America and Australia (“NAA”) and Europe segments is running ahead of the prior year for each of the third and fourth quarters of 2024. Driven by the company’s efforts to elongate the booking curve and favorable pricing trends, the company’s cumulative booked position for the remainder of 2024 continues to be the best on record, with occupancy still nicely above 2023 levels at considerably higher prices. “We have made incredible strides in improving our commercial operations, strategically reallocating our portfolio composition and formulating growth plans, while strengthening even further our global team, the best in the business. Off the back of that effort, we closed yet another quarter delivering records, this time across revenues, operating income, customer deposits and booking levels, exceeding our guidance on every measure. Based on continued strong demand trends, we are taking up our expectations for the year with net yields now forecasted to top ten percent and propelling us towards double-digit returns on invested capital. On our upwardly revised guidance, we will be on average around two-thirds of the way to achieving our three 2026 SEA Change targets after just one year. With two years remaining, it certainly gives us even more conviction in achieving these deliverables.”
