By Katherine Hamilton

Carnival posted higher-than-expected earnings for the first quarter and raised its full-year guidance.

The cruise line posted a narrowed loss of $78 million, or 6 cents a share, in the three months ended Feb. 28, compared with a loss of $214 million, or 17 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 13 cents, ahead of the 2 cents forecast by analysts, according to FactSet.

Revenue rose 7.5% to $5.81 billion. Analysts surveyed by FactSet forecast revenue of $5.75 billion.

The cruise line raised its guidance for adjusted net income from its previous guidance by $185 million. It now expects adjusted income to rise more than 30% compared with the year before. It also lifted expectations for net yields by 0.5 percentage points to 4.7% higher than the prior year.

The new outlook, which is higher than guidance Carnival shared in December, is based on increased first-quarter yield results and reduced expenses thanks to recent refinancings, Carnival said.

Cumulative advanced booking for the rest of the year is in line with the previous year's levels, despite pricing hitting historical highs. Its booking curve continues to be the farthest out on record, and onboard spending is strong, Chief Executive Josh Weinstein said.

"Our first quarter was truly characterized by outperformance. This was across the board and led by incredibly strong demand throughout our portfolio," Weinstein said.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

March 21, 2025 09:43 ET (13:43 GMT)

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