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Carnival Corporation (NYSE: CCL, CUK), the world’s largest cruise line operator, has reported record metrics in revenue, operating income, and booking volumes for the first quarter of 2023. These results suggest a strong recovery following the pandemic disruptions that severely impacted the cruise industry. The company expects to meet its performance goals for EBITDA and return on invested capital one year earlier than projected, aiming for a 50% increase in EBITDA and a 12% ROIC by 2026.
In the first quarter of fiscal 2025, Carnival refinanced $5.5 billion of its debt, leading to $145 million in annualized interest savings. Despite facing potential risks from tariffs and proposed new taxes affecting cruise lines, analysts suggest these concerns may be overstated. Currently, Carnival’s forward price-to-earnings ratio stands at 12, significantly lower than its 18 ratio from late last year, making it a potentially attractive investment opportunity.
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