(Alliance News) - Carnival PLC on Friday put its "outperformance" in the third quarter down to strengthened demand, as both revenue and earnings "significantly exceeded expectations".

For the three months ended August 31, the Miami, Florida-based cruise operator reported net income of USD1.07 billion, swinging from a loss of USD770 million a year prior.

It swung to a pretax profit of USD1.07 billion from a loss of USD759 million, while operating income was USD1.62 billion, swinging from a loss of USD279 million.

Total revenue increased to USD6.85 billion from USD4.31 billion the previous year. Passenger ticket revenue rose to USD4.55 billion from USD2.60 billion, while onboard and other revenue was up at USD2.31 billion from USD1.71 billion.

Basic earnings per share totalled USD0.85, swinging from a loss of USD0.65 year-on-year. Diluted earnings per share were USD0.79, compared to a loss of USD0.65.

For the full year, Carnival expects adjusted earnings before interest, tax, depreciation and amortisation of USD4.1 billion to USD4.2 billion, within its June guidance range despite the unfavourable impact - valued at USD125 million - of fuel prices and currency matters. For the fourth quarter, it expects adjusted Ebitda between USD800 million and USD900 million.

Further, Carnival now expects fuel consumption per available lower berth day for the full year to be nearly 16% lower than 2019, better than previously expected.

"The outperformance was driven by strength in demand, with both our North America and Australia segment and Europe segment equally outperforming expectations. It is gratifying to see the power of our portfolio deliver, as our continental European brands have stepped up nicely," said Chief Executive Officer Josh Weinstein.

"Our demand generation efforts are working across all regions, as we have consistently been achieving quarterly net per diems well in excess of 2019 levels, while closing the occupancy gap by 11 points over the course of the year."

Carnival shares were down 4.6% at 1,000.50 pence each in London on Friday.

By Holly Beveridge, Alliance News reporter

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