Carnival Corp. CCL, -2.04% said second-quarter losses are expected to be $2.1 billion, with adjusted losses of $2 billion in a business update provided on Thursday. Forty-two ships from eight of the cruise company’s nine brands will resume operations by Nov. 30, 2021, more than 50% capacity, with additional announcements in the coming weeks. Booking volumes were up 45% for the second quarter compared with Q1, and advanced bookings for full-year 2022 are ahead of 2019. Customer deposits as of May 31, 2021 and February 28, 2021 were $2.5 billion and $2.2 billion, respectively. Carnival ended the second quarter with $9.3 billion of cash and short-term investments. Monthly average cash burn rate for the first half of 2021 was $500 million. And the company has repriced its first-priority senior secured term loan facility in order to save more than $120 million in annual interest. “We are working aggressively on our path to return our full fleet to operations by next spring,” said Arnold Donald, chief executive of Carnival, in a statement. Carnival stock is up 29.3% for the year to date while the S&P 500 index SPX, +0.62% has gained 13.6% for the period.
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