During the third quarter of 2022, Carnival reported diluted earnings per share of -65 cents. That’s worse than the -13 cents per share that Wall Street was projecting. Even so, it’s an improvement compared to Q3 2021’s -$2.50 per share.
The company’s revenue of $4.31 billion also isn’t helping CCL stock today. That’s another miss next to analysts’ estimate of $5.07 billion for the period. On the bright side, it’s better than the $546 million in revenue reported during the same time last year.
CCL Is Still Recovering From Covid-19 Restrictions
Carnival CEO Josh Weinstein said the following in the earnings report:
During our third quarter our business continued its positive trajectory, achieving over $300 million of adjusted EBITDA and reaching nearly 90% occupancy on our August sailings. We are continuing to close the gap to 2019 as we progress through the year, building occupancy on higher capacity and lower unit costs.
Carnival continues to warn investors that ongoing issues are affecting its business. That includes Covid-19, wars overseas, supply chain constraints, as well as the ongoing effects of Hurricane Ian.
CCL stock is experiencing heavy trading today after releasing its earnings report. That has some 96 million shares on the move as of this writing. For comparison, the company’s daily average trading volume is closer to 52 million shares.
CCL stock is down 19.7% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.