Carnival Corp. Sinks Despite Lower Loss In Q3

(RTTNews) - Shares of cruise operator Carnival Corporation & plc (CCL) are falling more than 20% Friday morning despite reporting narrower loss in the third quarter.

The company reported net loss of $770 million or $0.65 per share in the third quarter lower than loss of $2.836 billion or $2.50 per share in the same quarter a year ago. Excluding one-time items, loss was $688 million.

Quarterly revenue also increased to $4.305 billion from $546 million last year.

"During our third quarter our business continued its positive trajectory, achieving over $300 million of adjusted EBITDA and reaching nearly 90% occupancy on our August sailings. We are continuing to close the gap to 2019 as we progress through the year, building occupancy on higher capacity and lower unit costs," commented arnival Corporation & plc's Chief Executive Officer Josh Weinstein.

CCL, currently at $7.31, touched a new 52-week low of $7.28 this morning.