Carnival Corporation has reported an impressive financial performance for the second quarter of 2024, showcasing substantial improvements in income and revenue.
The company’s net income increased by nearly $500 million compared to the same time period in 2023. Carnival achieved a record second-quarter operating income of $560 million, almost five times the 2023 levels, with record revenues of $5.8 billion.
Carnival Corporation also continues to experience strong booking momentum for 2025 and beyond. The company has seen record booking volumes for 2025 sailings, and although it’s still early, bookings for 2025 are already higher than those for 2024 in both price and occupancy.
For the remainder of 2024, Carnival has less inventory, leading to higher prices on bookings made during the second quarter compared to last year. Prices in North America, Australia, and Europe are all running ahead of last year for the third and fourth quarters.
In addition, total customer deposits reached an all-time high of $8.3 billion, surpassing the previous record by $1.1 billion.
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“We have made incredible strides in improving our commercial operations,” said Josh Weinstein, CEO of Carnival Corporation. “Off the back of that effort, we closed yet another quarter delivering records, this time across revenues, operating income, customer deposits, and booking levels, exceeding our guidance on every measure.”
For the third quarter of 2024, Carnival forecasts net yields to rise by 8 percent compared to 2023. By year’s end, Carnival expects net yields to increase by approximately 10.25 percent compared to 2023.
Strategic Initiatives Propel Carnival Corporation’s Growth
Carnival Corporation saw several key moves that helped drive its Q2 growth. Since 2019, Carnival Cruise Line has added nine ships, including three vessels from Costa Cruises and Cunard’s first new ship in 14 years, Queen Anne.
Queen Anne’s successful launch on June 3, 2024, featured a naming ceremony with the city of Liverpool as the godparent, marking an industry first. The result returned Cunard’s record-breaking bookings.
Other notable events included the naming ceremonies for Carnival Cruise Line’s Carnival Firenze and Princess Cruises’ Sun Princess.
Carnival Firenze arrived in Long Beach, California, after much fanfare on April 23, 2024, after receiving a full makeover from its original Costa Cruises. The 135,156-gross-ton ship became the 27th ship in the fleet, serving as an American West Coast driving departure point.
Meanwhile the 177,882-passenger Sun Princess became Princess Cruises’ first Sphere class ship and the first to be powered by liquified natural gas (LNG), joining the 6 percent of worldwide ships that utilize the sustainable fuel.
In fact, Carnivals’ 14th annual sustainability report highlights substantial progress in its sustainability focus, with several goals achieved ahead of schedule. Nearly 67 percent of the fleet has shore power capability, achieving its 2030 shore power target in 2023.
Its Carnival Conquest most recently became the first ship to use PortMiami’s new shore power connections during the port’s launch on June 17, 2024.
In addition, the company announced a plan to sunset the P&O Cruises Australia brand, integrating its operations into Carnival Cruise Line by March 2025.
The realignment is part of a broader strategy to boost guest capacity for Carnival Cruise Line brand, the company’s highest-returning brand. The strategic move will optimize the company’s global brand portfolio and enhance its performance in the South Pacific.
This strategic reallocation and the company’s commitment to moderate newbuild growth will increase Carnival Cruise Line’s portfolio share from 29 percent in 2019 to 37 percent in 2028.
Carnival Corporation’s announcement coincides with year of significant growth in the cruise industry, marked by multiple cruise lines and ports achieving record passenger numbers.
