RCL - It's Not Too Late to Buy Carnival Stock
2024-06-25 11:55:00 ET
Shares of Carnival Corp. (NYSE: CCL) opened higher on Tuesday after the company posted better-than-expected financial results. The beat on both ends of the income statement shouldn't really come as a surprise. Revenue rising 18% to $5.78 billion -- ahead of the 16% increase that it initially targeted -- isn't a shock, even if it did fall short of analyst targets last time out.
Momentum at rivals Royal Caribbean (NYSE: RCL) and Norwegian Cruise Line (NYSE: NCLH) has been strong. Both of them report on a different fiscal year, so they had already tipped the market off to strong bookings trends earlier this calendar quarter.
The bottom line is where the top-line beat became an outright blowout. Carnival clocking in with a reported profit of $0.07 per share or an adjusted profit of $0.11 per share may not seem like much, but this is a seasonally sleepy period for cruise lines before summer crowds start walking up the gangway. Wall Street pros were holding out for a small loss, but this was an even easier call to make than the revenue beat. Carnival is back, and it might not be too late to come aboard.
For further details see:
It's Not Too Late to Buy Carnival Stock