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Carnival Corporation (CCL-4.60%) has submitted its 10-Q filing for the quarterly period ended February 28, 2025.
The filing details financial statements for the quarter, showing an increase in passenger ticket revenues to $3.8 billion from $3.6 billion in the same quarter the previous year. This increase is attributed to higher ticket prices and a 2.5% increase in capacity.
Operating expenses for the quarter were $3.8 billion, up from $3.7 billion in the previous year, driven by increased capacity and higher onboard spending.
The company reported an operating income of $543 million for the quarter, compared to $276 million in the previous year, with the increase primarily due to higher revenues.
Interest expense, net of capitalized interest, decreased to $377 million from $471 million, attributed to a decrease in total debt and lower average interest rates.
Net income for the quarter was a loss of $78 million, compared to a loss of $214 million in the previous year.
Cash provided by operating activities was $925 million, while cash used in investing and financing activities was $605 million and $690 million, respectively.
Carnival had a working capital deficit of $8.6 billion as of February 28, 2025. The company continues to operate with a substantial working capital deficit due to advance passenger receipts.
The filing also discusses various financial agreements, including a repricing of senior secured term loans and the issuance of new senior unsecured notes.
Carnival does not anticipate any significant changes to its liquidity position and plans to use existing liquidity and future cash flows to fund its operations and capital expenditures.
The company is involved in several legal proceedings, including a lawsuit under the Helms-Burton Act and class actions related to COVID-19, but believes these will not have a material impact on its financial statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Carnival Corporation quarterly 10-Q report dated March 25, 2025. To report an error, please email earnings@qz.com.