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Carnival (NYSE:CCL) shares are not so hot on Friday as investors react to the cruise company’s latest earnings report.
During the third quarter of 2022, Carnival reported diluted earnings per share of -65 cents. That’s worse than the -13 cents per share Wall Street was predicting. However, it is an improvement over Q3 2021 – $2.50 per share.
The company’s revenue of $4.31 billion is also not helping CCL stock today. That’s another shortfall behind analysts’ estimates of $5.07 billion for the period. On the bright side, that’s better than the $546 million in revenue reported during the same period last year.
CCL is still recovering from the Covid restrictions
Carnival CEO Josh Weinstein said the following in the earnings report.
“During our third quarter, our business continued its positive trajectory, achieving over $300 million in adjusted EBITDA and reaching nearly 90% of our August sailings. We are continuing to close the gap in 2019 as we progress through the year, building higher capacity and lower unit costs.”
Carnival continues to warn investors that ongoing issues are affecting its business. This includes Covid-19, overseas wars, supply chain constraints, as well as the ongoing effects of Hurricane Ian.
CCL shares are experiencing heavy trading today following the release of the earnings report. That has about 96 million shares in motion as of this writing. By comparison, the company’s average daily trading volume is closer to 52 million shares.
CCL stock is down 19.7% since Friday morning.
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On date of publication, William White has not had (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Publication guidelines.
