Sir Jonathon Band, a director at Carnival (NYSE:CCL) PLC (NYSE:CUK), recently sold 17,500 shares of the company, according to a filing with the Securities and Exchange Commission. The shares were sold at an average price of $21.72, amounting to a total transaction value of $380,100. Following this sale, Band holds approximately 65,789 shares in the company. The transaction involved trust shares, which are beneficial interests in a special voting share tied to a dual-listed company transaction between Carnival PLC and Carnival Corporation.
In other recent news, Carnival Corporation Plc has reported a significant surge in its financial performance. The company's third-quarter earnings were highlighted by record revenues of nearly $8 billion, a substantial increase from the previous year. This was accompanied by an impressive EBITDA of over $2.8 billion and a net income that rose by more than 60%. These figures were attributed to high-margin same-ship yield growth across all major brands, with 99% of 2024 ticket revenue already booked.
Carnival Corporation Plc remains optimistic about its future, with strong demand for 2025 and nearly half of the bookings for the year already completed. The company anticipates a record $6 billion EBITDA for 2024, up $400 million from original guidance, and a two-turn improvement in debt-to-EBITDA ratio over nine months. It also aims to achieve investment-grade status while continuing to reduce leverage metrics.
In addition to financial highlights, the company plans the North American premiere of the Sun Princess and the introduction of the Celebration Key destination in July 2025. Despite expected increases in cruise costs per ALBD and a 7% capacity increase in 2025, the company has prepaid $7.3 billion in debt since early 2023 and has increased its revolving credit facility to $3 billion. These are among the recent developments that have shaped Carnival Corporation Plc's current standing.
InvestingPro Insights
Carnival PLC's recent stock performance and financial metrics provide additional context to Sir Jonathon Band's share sale. According to InvestingPro data, Carnival's stock has shown remarkable strength, with a 93.82% price total return over the past year and a 49.85% return in the last six months. The stock is currently trading near its 52-week high, with the price at 96.65% of its peak.
This strong performance is supported by improving fundamentals. Carnival's revenue grew by 22.18% in the last twelve months, reaching $24.48 billion. The company's EBITDA growth was even more impressive at 83.52%, indicating significant operational improvements.
InvestingPro Tips highlight that Carnival is expected to see net income growth this year, and analysts have revised their earnings expectations upward for the upcoming period. These positive indicators suggest that the company's recovery in the post-pandemic travel market is gaining momentum.
However, investors should note that the stock's RSI suggests it may be in overbought territory, which could explain the director's decision to sell shares at this time. Additionally, Carnival's short-term obligations exceed its liquid assets, which may be a point of concern for some investors.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips for Carnival PLC, providing a more comprehensive view of the company's financial health and market position.
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