Carnival Corp. lost $2 billion during the first quarter of 2021, but reported strong bookings and pricing into 2022, and better than expected cash burn rate in the first quarter of 2021.
"Booking volumes are accelerating," said CEO Arnold Donald. "During the first quarter of 2021 they were approximately 90% higher than volumes during the fourth quarter of 2020, reflecting both the significant pent up demand and long-term potential for cruising."
So far, advanced full-year 2022 bookings are ahead of what Carnival said was a very strong 2019, which Carnival said was achieved with minimal advertising and marketing.
Pricing is also strong, the company said, with 2022 pricing on its booked position higher then 2019 when you take out dilutive impact of future cruise credits (FCCs).
Donald noted that the limited sailings the line has scheduled for this summer are achieving record demand. He said that P&O Cruises recorded its single biggest booking day in 7 years when it opened the books for its coastal U.K. sailing this summer; that Cunard's U.K. sailings led to its biggest booking day in a decade; and that Princess' garnered its second best booking day ever.
"This affirms our our confidence and indicates further potential for pricing strength," Donald said.