Carnival’s stock fell sharply even after it posted record cruise bookings

CEO Josh Weinstein said earnings release. Carnival said total customer deposits reached an all-time high of $7.2 billion as of May 31, surpassing the previous record of $6 billion from May 31, 2019.

Sales during the period were $4.91 billion, above Wall Street’s forecast of $4.79 billion. A year ago, the cruise company reported $2.401 billion in sales.

For fiscal 2023, the company expects adjusted EBITDA of $4.1 billion to $4.25 billion, “above March’s guidance range and at a midpoint increase of $175 million.”

Shares fell 11% to $14.07 Monday, putting them on track for the biggest percent drop since November 2022, when they lost 14%, according to market data from Dow Jones. It was also the worst performer

Standard & Poor’s 500

on monday.

“Good news aside, the stock is up nearly 70% since it was last reported in March and we believe the second-quarter results will make it difficult for the stock to outperform today; Today. Truist rates the stock as Sell with a price target of $11.

Stifel analysts led by Stephen Wieczynski, who rated the stock as a Buy with a target of $18, also thought the stock would sell the news, but remained bullish on the stock.

Wieczynski said the increase in Ebitda’s guidance was surprising, indicating strength in booking and pricing trends.

Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) were also in the red, down 2.2% and 5.5%, respectively.

Write to Emily Dattilo at [email protected]