01:24 PM EDT, 09/30/2024 (MT Newswires) -- Carnival (CCL, CUK) reported stronger-than-expected fiscal third-quarter results on Monday amid strong demand while raising its full-year earnings guidance.

Revenue climbed to a record $7.9 billion for the three months ended Aug. 31 from $6.85 billion a year ago and topped the $7.82 billion average analyst estimate on Capital IQ. Adjusted earnings per share climbed to $1.27 from $0.86 year over year and beat the Street's $1.15 estimate.

"We delivered a phenomenal third quarter, breaking operational records and outperforming across the board," Chief Executive Josh Weinstein said in a statement. Unit operating income advanced by 26% to the highest level in 15 years, he said.

Passenger revenue rose to $5.24 billion in the third quarter from $4.55 billion the year earlier. Onboard and other revenue increased to $2.66 billion from $2.31 billion.

Cruise costs per available lower berth day, or ALBD, were up 3.4% year over year but were slightly lower excluding fuel on an adjusted basis. The adjusted figure was "significantly better" than the cruise operator's June guidance amid factors including cost savings and easing inflation pressures, Carnival said.

For the full year, Carnival raised its adjusted earnings per share outlook to $1.33 from $1.18 outlined in June. It now projects fiscal 2024 adjusted earnings before interest, taxes, depreciation and amortization of $6 billion, marking a nearly $200 million improvement from its June guidance. It trimmed its growth outlook for adjusted cruise costs excluding fuel per ALBD by one percentage point to 3.5% at constant currencies.

Net yields at constant currencies are projected to rise 10.4% over 2023, compared with its 10.25% prior guidance. "Strong demand enabled us to increase our full year yield guidance for the third time this year and we improved our cost guidance driving more revenue to the bottom line," Weinstein said.

For the fourth quarter, Carnival said it expects adjusted EPS of $0.05, compared with the Capital IQ-polled consensus of $0.07. It sees adjusted EBITDA rising 20% from the same quarter of 2023 to $1.14 billion.

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