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Carnival: stock up after Q1 results

( - Carnival shares are up 2% in London today, even after the group reporting an adjusted net loss of $690m, or -55 cents per share, for Q1 2023, better than its guidance range of $750-850m.

The cruise line's adjusted EBITDA was $382m, exceeding its target range of $250-350m, despite the adverse impact of fuel prices and exchange rates, on revenues of $4.4bn, or 95% of 2019 levels.

Carnival said that it is very encouraged by improving demand, which is being driven by an early start to the season on very strong Black Friday and Cyber Monday booking volumes.

The company says it expects FY 2023 adjusted EBITDA of 3.9 to 4.1 billion dollars, with occupancy rates on its ships returning to historical levels this summer.

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