Shares of Carnival Corp. CCLUK:CCL climbed 4.7% in morning trading Monday, after the cruise operator reported better-than-expected fiscal first-quarter results, amid record bookings, but provided a downbeat second-quarter outlook. The net loss for the quarter to Feb. 28 narrowed to $693 million, or 55 cents a share, from $1.89 billion, or $1.66 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 55 cents beat the FactSet loss consensus of 60 cents. Revenue jumped 173.1% to $4.43 billion, above the FactSet consensus of $4.32 billion, and representing about 95% of 2019 levels, compared with fourth-quarter revenue that was 80% of 2019 levels. “We are enjoying a phenomenal wave season, achieving our highest ever quarterly booking volumes and breaking records in both North America and Europe,” said Chief Executive Josh Weinstein. “Our strong performance has extended into March and we expect this favorable trend to continue based on the success of our efforts to drive demand.” For the second quarter, the company expects a per-share loss of 42 cents to 34 cents, compared with the FactSet loss consensus of 28 cents. The stock has run up 26.0% over the past three months, while the S&P 500 SPX has gained 4.3%.
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