(Bloomberg) -- Carnival Corp.’s quarterly profit outlook fell short of expectations despite the cruise operator continuing to tout record demand, fanning fears of an industrywide slowdown in leisure travel.
Adjusted earnings before interest, tax, depreciation and amortization will be $1.14 billion next quarter, according to a statement Monday, below the average analyst forecast of $1.15 billion. The soft outlook comes despite Carnival expecting record demand for sailings to continue into 2025.
Carnival’s shares fell as much as 6.5% at the open in New York before paring some of those losses. The S&P 500 Hotels and Cruise Lines Index was down about 1%.
The results add to worries a slowdown in vacation demand is looming, with airlines and hotels warning of a dip in demand. Online travel agent Booking Holdings Inc. issued a weaker-than-expected forecast in August.
Carnival reported third-quarter sales and profit that beat analysts’ expectations, while raising its full-year outlook for a third time this year.
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