Carnival Expects Wider-Than-Feared 4Q Loss Amid Sailings Halt; Street Says Hold
Carnival Corp. said it expects to post a wider-than-expected loss
estimate for the fourth quarter ending Nov. 30. However, the cruise
operator’s cash burn rate for the quarter was better than
previously estimated. Carnival shares closed 1.6% lower on Monday.
Carnival (CCL) said that it projects to incur an adjusted loss of
$1.9 billion in 4Q, compared to analysts’ expectations of a loss of
$1.6 billion, as cruise sailings are still being halted due to the
resurgence in COVID-19 cases. Looking ahead, Carnival warned that
the cruise operator expects to report losses in the first quarter
and fiscal 2021 as well.