Carnival's Q3 Upside Came Primarily From Onboard & Other Revenue, Cost Controls, Truist Says

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Carnival's (CCL) fiscal Q3 upside came primarily from "Onboard and Other" revenue category as well as cost control, Truist Securities said in a Tuesday note.

Truist said it believes last year's opening of Celebration Key resort in Bahamas was a strong driver to the "Other" growth, noting fiscal Q3 Onboard and Other revenue was $77 million ahead of consensus, while Passenger Ticket revenue was $16 million below estimates.

Additionally, Truist said that the company's fiscal Q4 adjusted earnings guidance of $0.20 per share is below prior implied guidance of $0.26 and against the consensus of $0.24.

Meanwhile, fuel cost expectations for fiscal Q4 have been raised by $132 million to $640 million, compared with prior implied guidance of $508 million, and is $89 million above consensus of $551 million, according to the note.

Truist maintained its hold rating on the stock with a $31 price target.

Price: 25.15, Change: +3.01, Percent Change: +13.57

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