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TRANSPORTATION: Carnival (Snr Unsec; B2 Pos/BB/BB Pos) Q3 (3m to August) results

TRANSPORTATION
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The rising star candidate is giving more record numbers in US pre-market; EBITDA at $2.8b, up 26%yoy and beat consensus at $2.7b. It's raised FY guidance for adj. EBITDA of $5.8-5.9b to $6b - which would be up 42%yoy. Adj. FCF is expected to be >$3b this year (vs. $2.1b last year and c$1.7b). Forward bookings for FY25 is 'robust' with the cumulative booked at a higher position than the record last year. Prices are also up yoy in constant currency.

On the BS, targets are affirmed including a over 2x improvement this year in leverage to "approaching net 4.5x" (which it has said in the past is 2/3 the way to IG). It paid down another $625m of debt over the qtr. Reminder Moody's has a 4-notch diff. between the secured/unsecured despite co generally targeting secured (i.e. tailwind there).

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The rising star candidate is giving more record numbers in US pre-market; EBITDA at $2.8b, up 26%yoy and beat consensus at $2.7b. It's raised FY guidance for adj. EBITDA of $5.8-5.9b to $6b - which would be up 42%yoy. Adj. FCF is expected to be >$3b this year (vs. $2.1b last year and c$1.7b). Forward bookings for FY25 is 'robust' with the cumulative booked at a higher position than the record last year. Prices are also up yoy in constant currency.

On the BS, targets are affirmed including a over 2x improvement this year in leverage to "approaching net 4.5x" (which it has said in the past is 2/3 the way to IG). It paid down another $625m of debt over the qtr. Reminder Moody's has a 4-notch diff. between the secured/unsecured despite co generally targeting secured (i.e. tailwind there).