In a recent trading update covering the three months to 28 February 2023, the company said it was "very encouraged" with the improving demand environment, kicked off by an early start to its wave season.
During the period, the company experienced the highest booking volumes for all future sailings for any quarter in its history.
Both the company’s North America and Australia (NAA) and Europe segments broke records, contributing to the company’s record-breaking quarter.
Carnival’s booking window continued to return to "historical" patterns, providing further confidence in the continued strengthening of the demand environment and facilitating improving revenue yields over time.
The NAA segment’s booking curve mirrored peak 2019 levels, while the company’s Europe segment continued to see an extension of its booking curve, which is more than 80% recovered compared to 2019 levels.
The company’s cumulative advanced booked position for the remainder of 2023 is at higher ticket prices in constant currency, normalised for future cruise credits (FCCs), as compared to strong 2019 pricing and a booked occupancy position that is in the higher end of the historical range.
The company posted a net loss of $693 million and adjusted net loss of $690 million for Q1 2023 – which was better than December’s guidance range of $750 to $850 million net loss.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the first quarter of 2023 was $382 million, which was also better than the December guidance range of $250 million to $350 million.
The company expects occupancy to exceed 100% this summer and for the second quarter of 2023, the company predicts occupancy will reach 98% or higher.
Carnival Corporation chief executive officer Josh Weinstein said: "We are enjoying a phenomenal wave season, achieving our highest ever quarterly booking volumes and breaking records in both North America and Europe.
"Our strong performance has extended into March and we expect this favorable trend to continue based on the success of our efforts to drive demand."
He said the company is focused on executing its strategy of driving net yield growth, while maintaining its cost base.
"We are well booked for the remainder of the year at higher prices (normalised for FCCs), which coupled with continued strength in onboard revenue, supports our improving outlook for the remainder of the year," he added.
