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Carnival Corporation & plc Provides Third Quarter 2021 Business Update

U.S. GAAP net loss of USD 2.8 billion and adjusted net loss of USD 2.0 billion for the third quarter of 2021. Third quarter 2021 ended with USD 7.8 billion of liquidity, which the company believes is sufficient to return to full cruise operations.

  • Voyages for the third quarter of 2021 were cash flow positive and the company expects this to continue.
  • As of August 31, 2021, eight of the company's nine brands have resumed guest operations as part of its gradual return to service.
  • Booking volumes for all future cruises during the third quarter of 2021 were higher than booking volumes during the first quarter of 2021, albeit not as robust as the second quarter of 2021, primarily as a result of lower booking volumes in August 2021, reflecting the impact on overall U.S. consumer confidence resulting from heightened uncertainty around the COVID-19 Delta variant.
  • Cumulative advanced bookings for the second half of 2022 are ahead of a very strong 2019.
  • Customer deposits increased USD 630 million in the third quarter of 2021, marking the second consecutive quarter since March 2020 the company has seen an increase in customer deposits.
  • Through its debt management efforts, the company has reduced future annual interest expense by over USD 250 million per year and has completed cumulative debt principal payment extensions of approximately USD 4.0 billion, improving its future liquidity position.

Full report here https://www.prnewswire.com/news-releases/carnival-corporation--plc-provides-third-quarter-2021-business-update-301384563.html

Sep 27 2021


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