Carnival To Report Q1 Net Loss Of $2.0 Bln - Quick Facts

Carnival Corporation & plc (CCL,CCL.L,CUK) recorded a U.S. GAAP net loss of $2.0 billion and adjusted net loss of $2.0 billion for the first quarter of 2021. The company ended first quarter with $11.5 billion of cash and short-term investments. Booking volumes for all future cruises during the first quarter were approximately 90% higher than booking volumes during the fourth quarter of 2020. The company's monthly average cash burn rate for the first quarter was $500 million, which was better than expected primarily due to the timing of capital expenditures.

Carnival expects a net loss on both a U.S. GAAP and adjusted basis for the second quarter 2021 and full year ending November 30, 2021. The company noted that the pause in guest operations continues to have a material negative impact on all aspects of its business, including liquidity, financial position and results of operations.

Carnival noted that cumulative advanced bookings for full year 2022 are ahead of a very strong 2019 as of March 21, 2021. Six of the company's nine brands are expected to resume limited guest cruise operations by the summer.

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