Carnival Corporation (NYSE: CCL) shares fell more than 5% intra-day on Monday even as the cruise operator reported record third-quarter earnings and raised its full-year outlook, fueled by strong travel demand and higher pricing.
The company posted adjusted earnings of $1.43 per share, above Wall Street’s forecast of $1.32. Revenue reached an all-time high of $8.2 billion, topping estimates of $8.09 billion and marking the tenth straight quarter of record sales.
Results were supported by a 4.6% increase in net yields on a same-ship basis. Carnival reported record net income of $1.9 billion and adjusted net income of $2.0 billion, while gross margin yields improved 6.4% from a year earlier. Adjusted return on invested capital rose to 13%, the highest in nearly two decades.
Looking ahead, Carnival lifted its full-year 2025 guidance for the third time this year, projecting adjusted net income to rise nearly 55% versus 2024, or $235 million above its prior outlook. For the fourth quarter, the company forecast net yields to climb about 4.3% in constant currency from record 2024 levels.
