Bulletin
Investor Alert

Market Pulse Archives

April 7, 2021, 9:55 a.m. EDT

Carnival stock surges as Q1 losses widened to $2 billion but cash burn was less than expected

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Carnival Corp. (CCL)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Carnival Corp. /zigman2/quotes/202325446/composite CCL -3.86% jumped 4.7% in morning trading Wednesday, after the cruise operator provided a business update for the first quarter, with the net loss widening more than expected although cash burn was less than projected. The company said the net loss for the quarter swelled to $2.0 billion, after a loss of $781 million in the year-ago period and compared with the FactSet loss consensus of $1.7 billion. Meanwhile, the company said it average monthly cash burn rate for the quarter was $500 million, which was better than guidance provided in January of about $600 million. The company said it ended the first quarter with $11.5 billion in liquidity, up from $9.5 billion at the end of the fourth quarter, and said booking volumes for all futures cruises during the quarter were about 90% higher than in the fourth quarter. Carnival expects six of its nine brands to resume limited guest cruises by the summer. The business update comes a day after the company's Carnival Cruise Line said it extended the suspension of all cruises from U.S. ports through June 30, and that it may have no choice but to move its ships outside the U.S. given Centers for Disease Control and Prevention restrictions . The stock has run up 38.4% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 8.6%.

/zigman2/quotes/202325446/composite
US : U.S.: NYSE
$ 17.20
-0.69 -3.86%
Volume: 59.33M
Dec. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$19.92 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.