Carnival shares rise 14% as quarterly results top expectations
The cruise operator reported record customer deposits, though its stock remained lower for the year.
Carnival shares climbed 14% to $25.17 during trading, according to the report, but remained down 18% year to date.
The company’s latest quarterly results exceeded Wall Street expectations for both earnings and revenue, the report said. Carnival also stated that customer deposits reached a record $7.6 billion.
Performance among major cruise stocks varied. Royal Caribbean Group shares were down 6% for the year at $259.17, according to the report. Norwegian Cruise Line Holdings had fallen 34% year to date to $14.82, the largest decline among the three companies.
The cruise operators also trailed two broader market benchmarks cited in the report. The Energy Select Sector SPDR ETF was up 40% year to date, while the SPDR S&P 500 ETF Trust had gained 12% over the same period.
