By Will Feuer
Carnival Corp. posted lower-than-expected revenue for the fiscal fourth quarter as the company fights to draw people back to its cruises and the company's debt obligations keep mounting.
The cruise operator posted a net loss of $1.60 billion for the three months ended Nov. 30, compared with a $2.62 billion loss in the same period a year earlier. The company's per-share loss was $1.27, narrowing from the loss of $2.31 a share last year.
Adjusted for a $431 million gain on the sale of ships and other one-time items, adjusted loss came to 85 cents a share. Analysts surveyed by FactSet were expecting an adjusted loss of 88 cents a share.
Revenue rose to $3.84 billion for the quarter from $1.29 billion a year earlier. Analysts surveyed by FactSet were expecting $3.91 billion.
The company saw bookings accelerate after it further relaxed Covid-19 protocols early in the quarter, Chief Executive Josh Weinstein said, and momentum has continued into December.
The cost of fuel surged to $580 million in the quarter, up from $282 million a year earlier. Food costs jumped to $277 million from $107 million.
Carnival said it operated with 85% occupancy for the quarter, compared with 58% in the same period last year. That remains 19 percentage points below 2019 levels.
The company said it ended the quarter with $8.64 billion of liquidity, including cash, restricted cash from the 2028 notes, and borrowings available under the company's revolving credit facility. As of Nov. 30, the company reported having $34.55 billion in current and long-term debt.
Write to Will Feuer at Will.Feuer@wsj.com
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December 21, 2022 at 09:41PM
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