Q2 2024 Carnival Corp Earnings Call Transcript
Key Points
- Carnival Corp (CCL) reported record revenues, operating income, customer deposits, and booking levels, exceeding guidance on every measure.
- Yields increased over 12% in Q2, surpassing March guidance by over 1.5 points.
- European brands experienced extraordinary yield improvement, up over 20%, while North America saw a healthy 7% increase.
- Record second quarter adjusted EBITDA, approximately $150 million more than guidance, despite higher fuel prices.
- Customer deposits reached over $8 billion, shattering last year's record by $1.1 billion.
- Higher fuel prices impacted operational costs, although mitigated by other operational improvements.
- The company is still working towards achieving its long-term SEA Change targets, indicating room for improvement.
- The sunsetting of the P&O Cruises Australia brand involves some one-time costs and minimal CapEx investment.
- Despite significant progress, Carnival Corp (CCL) is still not at investment-grade credit ratings, though it is on the path.
- Increased drydock days in 2025 for the AIDA evolution program will result in higher costs.
Greetings and welcome to the Carnival Corporation & plc's conference call. (Operator Instructions) As reminder, this conference is being recorded. It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor Relations. Thank you, Beth, you may begin.
Thank you. Good morning and welcome to our second quarter 2024 earnings conference call. I'm joined today by our CEO, Josh Weinstein; our chief Financial Officer, David Bernstein; and our Chair, Micky Arison. Before we begin, please note that some of our remarks on this call will be forward looking, therefore I will refer you to the forward-looking statement in today's press release.
All references to ticket prices, net per diems, net yields, and adjusted cruise costs without fuel will be in constant currency, unless otherwise stated. References to per diems and yields will be on a net basis. Our comments may also reference cruise costs without fuel, EBITDA, net income, earnings per share, free cash
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