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Carnival Loses 1.9B First Quarter. Names Donald Chief Climate Officer

Despite the loss, the CEO says the corporation can withstand volatility on its path to profitability.

Despite the loss, the CEO says the corporation can withstand volatility on its path to profitability.

During the company's first-quarter earnings call, Carnival Corporation CEO and Chief Climate Officer Arnold Donald investors that things are getting better.

Donald said, Despite the impact of Omicron, guests carried grew by nearly 20 percent in the first quarter compared to the prior quarter, while simultaneously increasing revenue per passenger cruise day and driving an improvement in adjusted earnings before interest, taxes, depreciation, and amortization.

He added, "We believe we have positioned the company well to withstand volatility on our path to profitability and have been working hard to resume operations as a stronger and more sustainable operating company to maximize cash generation and deliver double-digit returns on invested capital over time."

Donald also announced additions and subtractions to the company fleets. "In addition, we furthered our fleet optimization efforts by taking delivery of three larger-more efficient ships during the quarter, Costa Toscana and AIDAcosma, the company's fifth and sixth ships powered by LNG and Discovery Princess. We also announced the removal of another three smaller-less efficient ships, bringing the total to 22 ships, significantly reducing our rate of capacity growth. Upon returning to full operations, nearly 25 percent of our capacity will consist of newly delivered ships, which we believe will expedite our return to profitability and improve our return on invested capital."

During the call, it was revealed that Donald had been named Chief Climate Officer by the Board of Directors. Donald will oversee the company's governance framework and its commitment to sustainability.

To read the complete statement from Carnival Corp. click here

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