Smooth seas prevail for Carnival as demand drives solid pricing growth across geographic regions.
Spending on the experience economy continues to benefit narrow-moat Carnival, as pricing gains cover more ground in 2017. During the first quarter, the company captured as-reported yield growth of 1.1%, well ahead of the negative 1.4% our model was tracking, while net cruise costs fared a bit worse than our model had implied, given the timing of expenses. That said, with the wave season largely unfolded, 2017 appears well positioned to accomplish expanding EBITDA growth, with Carnival noting cum...Carnival is a leisure travel and cruise company. Co. operates over 100 cruise ships within a portfolio of global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences. Co.'s North America cruise brands include Carnival Cruise Line, Princess Cruises, Holland America Line, and Seabourn. Co. also has a Cruise Support segment that represents its portfolio of port destinations and private islands, which are operated for the benefit of its cruise brands. In addition to its cruise operations, Co. owns Holland America Princess Alaska Tours, the tour company in Alaska and the Canadian Yukon, which complements Co.'s Alaska cruise operations.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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