Carnival Surges Over 13% on Strong Earnings and Raised Guidance
On September 29, Carnival Corporation (NYSE: CCL) surged over 13%, closing at $25.11 after reporting better-than-expected earnings and revenue in the third quarter. The cruise operator exceeded Wall Street estimates with strong demand reflected in record bookings for both 2027 and 2028, along with improved cost management. Carnival's CEO highlighted that the company has reduced its total debt below $24 billion from a peak of $36 billion in 2023. This deleveraging is expected to lower capital costs and improve financial stability as Carnival anticipates over $7 billion in adjusted EBITDA for this year. The broader market saw slight declines, with the S&P 500 falling by 0.18% and the Nasdaq Composite slipping 0.09%. Other cruise operators like Royal Caribbean Cruises (RCL) and Norwegian Cruise Line Holdings (NCLH) also rose on improved sector sentiment.
