Carnival Corp Stock Surges On Strong Q4 Earnings: Retail Sentiment Jumps
By Stocktwits Inc | First Published Dec 21, 2024, 3:51 AM ISTRetail sentiment on the stock improved to ‘extremely bullish’ from ‘bearish’.
Shares of cruise line operator Carnival Corporation rose 6.51% on Friday afternoon after it reported better-than-expected fourth-quarter earnings that were driven by “broad-based” progress and “strong pricing” in 2024 compared to 2023, lifting retail sentiment.
Earnings per share came in at $0.14, compared to the expected $0.08 quoted by Wall Street analysts. According to Stockwits data, its revenues of $5.94 billion were in line with Wall Street expectations.
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"This has been an incredibly strong finish to a record year,” Carnival CEO Josh Weinstein, said in a statement.
“Revenues hit an all-time high driven by a strong demand environment that we elevated throughout the year, enabling us to outperform our initial 2024 guidance by $700 million and deliver nearly $2 billion more to the bottom line, year over year."
The company also has a positive outlook for the remainder of the year, Weinstein describing it as “another banner year” for the cruise company.
Retail sentiment on the stock improved to ‘extremely bullish’ from ‘bearish’. Message volumes increased to ‘extremely high’ from the ‘high’ zone
Many retail investors on Stocktwits were suggesting the company was undervalued.
For the full year, the company said its net income of $1.9 billion outperformed its September guidance by over $130 million.
Following the earnings, Truist analyst Jake Bartlett raised the firm's price target to $200 from $195 with a Buy rating, TheFly.com reported. He noted Olive Garden’s higher same-store sales bring confidence in both underlying restaurant demand and the company’s ability to expand its market share.
Carnival said FY25 adjusted EPS to be about $1.70, below the consensus $1.73, reported TheFly.com
Carnival stock is up 40% year-to-date.
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