Business

Carnival posts narrower-than-expected adjusted loss but revenue falls short


Festival Group
CCL,
+8.15%

Shares fell 2% in early trading Wednesday after the travel company fell short of analysts’ estimates for fourth-quarter revenue. The company said its fourth-quarter net loss narrowed to $1.6 billion, or $1.27 a share, from a loss of $2.62 billion, or $2.31 per share, in the previous quarter. Adjusted losses narrowed to 85 cents a share, from a loss of $1.72 a share the previous quarter. Wall Street analysts expect Carnival to lose 88 cents a share, according to estimates compiled by FactSet. Fourth-quarter revenue increased to $3.84 billion from $1.29 billion in the same period last year. Analysts are looking for revenue of $3.91 billion. Looking ahead, Carnival expects an adjusted net loss for the first quarter of between $750 million and $850 million. “We believe we are accelerating back to strong profitability through our fleet and brand portfolio management, which is delivering growth,” said CEO Josh Weinstein. Cautious capacity growth is geared towards our most profitable brands and is amplified by nearly a quarter of our fleet consisting of newly delivered vessels.” .

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