Carnival Corp Files Q3 2024 10-Q
Ticker: CCL · Form: 10-Q · Filed: 2024-09-30T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, earnings, cruise-industry, financials
TL;DR
**CARNIVAL CORP 10-Q FILED: Q3 2024 RESULTS OUT.**
AI Summary
Carnival Corporation filed its 10-Q for the period ending August 31, 2024. The filing details financial performance and operational updates for the company, which operates in the water transportation sector. Specific financial figures and operational metrics for the third quarter of fiscal year 2024 are presented.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of Carnival Corporation, a major player in the cruise industry.
Risk Assessment
Risk Level: medium — As a large, publicly traded company in the travel industry, Carnival faces inherent risks related to economic conditions, consumer spending, and global events.
Key Numbers
- 20240831 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 1130 — Fiscal Year End (Specifies Carnival's fiscal year-end date.)
Key Players & Entities
- CARNIVAL CORP (company) — Filer of the 10-Q
- CARNIVAL PLC (company) — Related entity to Carnival Corp
- 20240831 (date) — End of reporting period
- 3055992600 (dollar_amount) — Business phone number for Carnival Corp
FAQ
What is the primary business of Carnival Corporation?
Carnival Corporation is primarily involved in the water transportation sector, operating cruise lines.
What is the SEC file number for Carnival Corp?
The SEC file number for Carnival Corp is 001-09610.
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended August 31, 2024.
Where is Carnival Corporation's business address?
Carnival Corporation's business address is 3655 NW 87TH AVE, MIAMI, FL 33178-2428.
What is the SIC code for Carnival Corporation?
The Standard Industrial Classification (SIC) code for Carnival Corporation is 4400 (Water Transportation).
Filing Stats: 4,920 words · 20 min read · ~16 pages · Grade level 13.3 · Accepted 2024-09-30 11:31:51
Key Financial Figures
- $0.01 — ange on which registered Common Stock ($0.01 par value) CCL New York Stock Exchange
- $1.66 — resented by American Depositary Shares ($1.66 par value) , Special Voting Share, GBP
Filing Documents
- ccl-20240831.htm (10-Q) — 1184KB
- exhibit1013q2024.htm (EX-10.1) — 40KB
- exhibit311q32024.htm (EX-31.1) — 7KB
- exhibit312q32024.htm (EX-31.2) — 7KB
- exhibit313q32024.htm (EX-31.3) — 7KB
- exhibit314q32024.htm (EX-31.4) — 7KB
- exhibit321q32024.htm (EX-32.1) — 3KB
- exhibit322q32024.htm (EX-32.2) — 3KB
- exhibit323q32024.htm (EX-32.3) — 3KB
- exhibit324q32024.htm (EX-32.4) — 3KB
- ccl-20240831_g1.jpg (GRAPHIC) — 8KB
- pdfofform10q.pdf (10-Q) — 393KB
- 0000815097-24-000071.txt ( ) — 7298KB
- ccl-20240831.xsd (EX-101.SCH) — 50KB
- ccl-20240831_cal.xml (EX-101.CAL) — 76KB
- ccl-20240831_def.xml (EX-101.DEF) — 247KB
- ccl-20240831_lab.xml (EX-101.LAB) — 593KB
- ccl-20240831_pre.xml (EX-101.PRE) — 392KB
- ccl-20240831_htm.xml (XML) — 1040KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 4
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 34
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 35
Risk Factors
Item 1A. Risk Factors 35
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Other Information
Item 5. Other Information 35
Exhibits
Item 6. Exhibits 36
SIGNATURES
SIGNATURES 38 3 Table of Content
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements . CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) (in millions, except per share data) Three Months Ended August 31, Nine Months Ended August 31, 2024 2023 2024 2023 Revenues Passenger ticket $ 5,239 $ 4,546 $ 12,609 $ 10,557 Onboard and other 2,657 2,308 6,474 5,640 7,896 6,854 19,083 16,197 Operating Expenses Commissions, transportation and other 958 823 2,510 2,097 Onboard and other 866 752 2,043 1,785 Payroll and related 575 585 1,812 1,768 Fuel 515 468 1,546 1,492 Food 393 364 1,099 1,000 Other operating 995 928 2,796 2,546 Cruise and tour operating expenses 4,303 3,921 11,805 10,688 Selling and administrative 763 713 2,366 2,162 Depreciation and amortization 651 596 1,898 1,774 5,718 5,230 16,070 14,624 Operating Income 2,178 1,624 3,013 1,572 Nonoperating Income (Expense) Interest income 19 59 77 183 Interest expense, net of capitalized interest ( 431 ) ( 518 ) ( 1,352 ) ( 1,600 ) Debt extinguishment and modification costs ( 13 ) ( 81 ) ( 78 ) ( 112 ) Other income (expense), net ( 10 ) ( 19 ) ( 35 ) ( 67 ) ( 435 ) ( 559 ) ( 1,388 ) ( 1,595 ) Income (Loss) Before Income Taxes 1,743 1,065 1,626 ( 23 ) Income Tax Benefit (Expense), Net ( 8 ) 9 ( 13 ) ( 3 ) Net Income (Loss) $ 1,735 $ 1,074 $ 1,613 $ ( 26 ) Earnings Per Share Basic $ 1.37 $ 0.85 $ 1.27 $ ( 0.02 ) Diluted $ 1.26 $ 0.79 $ 1.21 $ ( 0.02 ) The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Content CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (in millions) Three Months Ended August 31, Nine Months Ended August 31, 2024 2023 2024 2023 Net Income (Loss) $ 1,735 $ 1,074 $ 1,613 $ ( 26 ) Items Included in Other Comprehensive Income (Loss) Change in foreign currency translation adjustment 64 ( 17 ) 71 82 Other ( 38 ) 24 ( 26 ) 4 Other Comprehensive Income (Loss) 26 7 45 86 Total Comprehensive In
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – General The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as "Carnival Corporation & plc," "our," "us" and "we." Basis of Presentation The accompanying consolidated financial statements are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted as permitted by such Securities and Exchange Commission rules and regulations. The preparation of our interim consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2023 joint Annual Report on Form 10-K ("Form 10-K") filed with the U.S. Securities and Exchange Commission ("SEC") on January 26, 2024. For 2023, we reclassified $ 11 million from restricted cash to prepaid expenses and other in the Consolidated Balance Sheets to confo