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...
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