Carnival Stock Rises After Posting Smaller-Than-Expected Q1 Loss [Video]

Carnival Corp. (CCL) shares turned higher in intraday trading Wednesday after the cruise line posted a smaller adjusted first-quarter loss than analysts expected.

Carnival posted record first-quarter revenue of $5.41 billion, narrowly missing analyst estimates compiled by Visible Alpha of $5.43 billion. The cruise line also posted a smaller adjusted net loss than expected of $180 million, or an adjusted loss of 14 cents per share.

The company raised its full-year guidance, while noting that Tuesday’s collapse of Baltimore’s Francis Scott Key Bridge isn’t yet included, due to how recently it took place. The bridge collapse is currently estimated to ding the company’s full-year net income by up to $10 million, and continuing to reroute ships to avoid conflict in the Red Sea could affect adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by about $130 million.

Carnival is currently projecting full-year 2024 adjusted income of about $1.28 billion, up from a prior outlook …