Carnival Q1 results: ‘we’ve seen no sign of a slowdown’

Carnival Corp (NYSE: CCL) is in the red on Monday even after reporting market-beating results for its fiscal first quarter.

Carnival stock down on disappointing guidance

The stock is taking a hit primarily on the back of guidance that disappointed investors.

 For the full financial year, Carnival is now calling for 44 cents to 28 cents of per-share loss – much broader than 7 cents that analysts had forecast. On CNBC’s “Squawk on the Street”, CEO Josh Weinstein said:

The cruise line expects net per diems to beat 2019 levels by up to 2.0% this year. Carnival stock is now down 35% versus its year-to-date high.

Carnival Corp Q1 financial highlights

• Lost $693 million versus the year-ago $1.89 billion
• Per-share loss also narrowed from $1.66 to 55 cents
• Adjusted loss also printed at 55 cents per share
• Revenue went up a whopping $173.1% to $4.43 billion
• Consensus was 60 cents loss on $4.32 billion revenue

According to Carnival Corp, its revenue recovered in the recent quarter to about 95% of 2019 levels. The Chief Executive added:

Other notable figures in Carnival Q1 results

At $162.96, net per diems per passenger cruise day climbed nearly 5.0% versus pre-pandemic. CEO Weinstein also said:

Other notable figures in Carnival Q1 results include a 229% increase in passenger-ticket revenue, a 108% increase in onboard and other revenue, and a 181% increase in passenger cruise days. Wall Street currently has a consensus "hold" rating on Carnival stock.