Carnival Corporation (LON:CCL) reported fourth-quarter earnings that exceeded analyst expectations, driving its U.S.-listed shares up 4.3% in early trading on Wednesday.

The cruise operator posted adjusted earnings per share of $0.14 for the quarter, beating the consensus estimate of $0.07. Revenue came in at $5.94 billion, slightly above analysts' projections of $5.91 billion and up 10% from the same period last year.

Carnival (NYSE:CCL)'s net income for Q4 was $303 million, compared to a net loss of $48 million in the year-ago quarter. The company reported record fourth-quarter adjusted EBITDA of $1.2 billion, 29% higher than 2023.

Looking ahead, Carnival provided an upbeat outlook for 2025. The company expects net yields in constant currency to be approximately 4.2% higher than 2024 levels, citing continued strong demand. Adjusted net income is forecast to reach approximately $2.3 billion, over 20% higher than 2024.

"This has been an incredibly strong finish to a record year," said Carnival Corporation&plc's CEO Josh Weinstein. "Revenues hit an all-time high driven by a strong demand environment that we elevated throughout the year."

Carnival noted that its cumulative advanced booked position for full year 2025 is at an all-time high for both price and occupancy. The company expects to achieve its 2026 SEA Change EBITDA target one year early in 2025.

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