Carnival posts narrower loss but misses analyst estimates

Carnival Corp.
CL,
-1.17%
said Tuesday it lost $1.89 billion, or $1.66 a share in the first quarter, compared to a loss of $1.97 billion, or $1.80 a share, in the year-ago period. Revenue increased to $1.62 billion from $26 million. Analysts expected a loss of $1.28 a share and revenue of $2.26 billion, according to a FactSet survey. The cruise line ended the quarter with $7.2 billion of liquidity and expects to “progress toward resuming full fleet operations” after absorbing the impact of COVID-19 and variants of the virus. As of March 22, 75% of Carnival’s capacity had resumed guest cruise operations. Carnival said it expects to have each brand’s full fleet back in guest cruise operations for its respective summer season. Shares of Carnival fell 2.7% in early trades on Tuesday, compared to a rise of 0.4% by the S&P 500.