Bloomberg Businessweek
Carnival CEO Sees Records and Strong Demand
Sep 30, 2024
Josh Weinstein, CEO of Carnival Cruise Line, shares insights on the cruise industry's record performance and strong consumer demand, highlighting strategic adaptations to market trends. Janet Lorin discusses the financial strategies of elite university endowments, shedding light on their impact on tuition costs. Max Chafkin explores SoftBank's ambitious $500 million investment in OpenAI and the implications for the tech landscape. Randall Atkins reveals the ongoing importance of coal, especially in steel production, amidst discussions on climate change.
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Quick takeaways
- Carnival Corporation achieved record third-quarter revenue growth, reflecting strong consumer demand and successful cost management strategies amidst economic challenges.
- The cruise line operator's focus on onboard spending highlights a shift in consumer preferences towards experiential travel rather than material goods.
Deep dives
Carnival's Strong Financial Performance
Carnival Corporation has reported a record third-quarter performance, achieving significant increases in revenue, yields, and customer deposits. The company experienced an 8.7% year-over-year increase in revenue yields while maintaining flat costs, resulting in a strong performance that allowed Carnival to adjust its full-year EBITDA guidance to approximately $6 billion. This upbeat performance reflects robust consumer demand despite the challenging macroeconomic environment characterized by high inflation and interest rates. As bookings for future years continue to rise, the outlook remains optimistic, showcasing the cruise line's ability to rebound strongly from previous downturns.
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