Carnival shares fall despite record Q3 results and increased guidance from Investing.com

Carnival Corporation (NYSE: NYSE: ) reported record third-quarter operating results on Monday, beating analysts’ expectations and raising full-year estimates for the third time this year. However, shares fell more than 2 percent in early trading, suggesting investors may have been hoping for even stronger performance or guidance.

The cruise operator reported adjusted earnings per share of $1.27 for the quarter, topping analysts’ consensus estimates of $1.17. Revenue hit an all-time high of $7.89 billion, slightly above estimates of $7.82 billion and up $1.0 billion from last year.

Net income for Q3 reached $1.7 billion, a 60% increase over the same period last year. The company reported record operating income of $2.2 billion, beating 2023 levels by $554 million.

Carnival raised its full-year 2024 adjusted EBITDA guidance to about $6.0 billion, up more than 40% from 2023 and about $200 million more than its previous guidance. The company now expects net returns in constant currency to increase by approximately 10.4% for the full year compared to 2023.

“We had a phenomenal third quarter, breaking operational records and outperforming across the board,” said Carnival Corporation & plc Chief Executive Josh Weinstein. “We are poised to deliver record operating performance for the full year 2024.”

Looking ahead, Carnival reported strong booking momentum for 2025, with cumulative advanced bookings above the previous record in 2024 and prices in constant currency ahead of the previous year.

“With nearly half of 2025 booked and less inventory remaining for sale than last year, we are taking advantage of strong demand to achieve record ticket prices (in constant currency),” Weinstein added.

Despite the positive results and outlook, Carnival stock fell more than 2% following the announcement.