Caribbean Drag Persists But Carnival Still Reports Record Earnings
Photo Credit: Carnival Elation is shown in the ocean in this photo from 2017. Parent company Carnival Corp. reported record third-quarter earnings Thursday. Flickr / Brook Ward
Skift Take
Wall Street wasn't fond of what Carnival revealed about 2019 booking trends. Was the share price slump an overreaction?
Higher ticket prices in Alaska, Europe, and Asia helped propel Carnival Corp. to a record third quarter, though the Caribbean continued to suffer in comparison to pre-storm results in 2017.
The world's largest cruise company on Thursday reported revenue of $5.8 billion for the quarter that ended Aug. 31, up from $5.5 billion during the same time last year. Profit increased from $1.3 billion last year to $1.7 billion this year.
But commentary about bookings for the first half of 2019 sent Carnival shares down more than 4.8 percent to $63.74 near the end of the day.
The company said cumulative advanced bookings for the first half of next year are ahead, but at prices in line with 2018. Since June, Carnival said in a release, booking volumes for early 2019 were "significantly higher" t
