Carnival Stock Drops 5% Despite Q3 Beat on Fuel Cost Concerns
<p><a href='https://financialmodelingprep.com/financial-summary/CCL'>Carnival (NYSE:CCL)</a> has reported its Q3 earnings per share (EPS) at $0.86, surpassing the Street estimate of $0.76. The company's Q3 revenue also exceeded expectations, coming in at $6.85 billion, compared to the Street estimate of $6.7 billion. Despite the beat, the company’s shares dropped around 5% on Friday due to concerns related to fuel costs.</p>
<p>During the quarter, Carnival experienced strong demand, reflecting a robust consumer appetite for travel. Total customer deposits reached a record of $6.3 billion, and booking volumes remained significantly high, setting a new third-quarter record for total bookings.</p>
<p>In terms of the outlook for 2023, Carnival expects adjusted EBITDA to be in the range of $4.1 billion to $4.2 billion, with occupancy levels at 100%.</p>

NYSE:CCL