Carnival Corporation & plc held its earnings conference call for the first quarter of 2025 on March 21 at 10:00 AM ET. The call brought together key company participants, including Beth Roberts, the Senior Vice President of Investor Relations, CEO Josh Weinstein, and CFO David Bernstein.
Joining the discussion were several financial analysts from top firms such as Mizuho Securities, UBS, Stifel, Barclays, Citi, Truist, Morningstar, Melius Research, Jefferies, JPMorgan, Goldman Sachs, Cleveland Research, and SIG. The participating analysts included Ben Chaiken, Robin Farley, Steve Wieczynski, Brandt Montour, James Hardiman, Patrick Scholes, Jaime Katz, Conor Cunningham, David Katz, Matthew Boss, Elizabeth Dove, Vince Cipiel, and Christopher Stathoulopoulos.
The call kicked off with a greeting from the operator, who welcomed everyone to Carnival’s conference call. They informed participants that the call would initially be in a listen-only mode, with a Q&A session following the formal presentation. The operator also noted that the conference was being recorded for future reference.
Beth Roberts then took the floor, expressing her gratitude to those joining the call that morning. She welcomed everyone to the session and introduced the key figures present: CEO Josh Weinstein and CFO David Bernstein. Additionally, Micky Arison, the Chair of Carnival, was also mentioned as part of the team.
Beth reminded listeners that some statements in the call would be forward-looking and directed them to the corresponding statement in the day’s press release. She clarified that when discussing ticket prices, yields, and cruise costs excluding fuel, they would be mentioned in constant currency terms unless otherwise specified. Additionally, yield discussions would be based on net figures, and adjustments would be made for cruise costs without fuel, EBITDA, net income, and ROIC as needed.
These financial terms, as well as their definitions, are detailed as non-GAAP measures in the earnings press release. The release also includes reconciliation with the closest comparable U.S. GAAP financial measures and other related disclosures for transparency and accuracy.
