Cruise lines surge after Carnival reports 2021 demand 'within historical ranges'
Adjusted EPS:From a booking perspective, Carnival is seeing a bounce-back in consumer demand. While the company has announced a slew of incentives and lowered prices by low- to mid-single digits, new bookings in 2021"remain within historical ranges.
In the first three weeks of June, Carnival said nearly 60% of 2021 bookings were new bookings, while the rest were the result of consumers booking trips through credits given to them because of a canceled trip. From a liquidity standpoint, Carnival is in much better shape than it was just a few months ago. The company said it managed to reduce operating costs by more than $7 billion on an annualized basis, and it will have reduced capital expenditures by more than $5 billion over the next 18 months.
Carnival also secured $10 billion of additional liquidity, which will"sustain another full year with additional flexibility remaining," the company said. The booking and liquidity update from Carnival is sending cruise line stocks higher in Friday's trading session. Carnival Corp. surged as much as 11.5% to $16.27,
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