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Carnival Corp. Q3 Results Miss Estimates

Carnival Corporation & plc (CCL) reported Friday that net loss for the third quarter sharply narrowed to $770 million or $0.65 per share from $2.84 billion or $2.50 per share in the prior-year quarter.

Excluding items, adjusted net loss for the quarter were $688 million, compared to $1.99 billion in the year-ago quarter.

Total revenues for the quarter soared to $4.31 billion from $546 million in the same quarter last year.

On average, seven analysts polled by Thomson Reuters estimated a loss of $0.13 per share on revenues of $5.07 billion for the quarter. Analysts' estimates typically exclude one-time items.

Looking ahead, the company said it expects a net loss and breakeven to slightly negative adjusted EBITDA for the fourth quarter ending November 30, 2022, given the seasonality of its business. Additionally, on a year-over-year basis, the company expects improvement in adjusted EBITDA and occupancy, with occupancy returning to historical levels during 2023.

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