The Carnival Corporation, an operator of cruise ships, warns of negative impacts on annual results due to the collapse of a key bridge in Baltimore, which has brought ship traffic in a port used by Carnival to a halt. The company expects the disruption to affect the annual adjusted profit by up to 10 million dollars. A ship of the Carnival Cruise Line has been setting sail from Baltimore throughout the year, Chief Executive Josh Weinstein reported in a teleconference with investors. However, the company has been able to secure a temporary berth for this ship in Norfolk, Virginia, "which should help minimize operational changes."

Carnival's shares remained almost unchanged in late morning trading. Over the last year, the stock has gained more than 90%. The plunge in profits in Baltimore had not yet been factored into the company's annual forecast. Carnival has raised its forecast for adjusted annual profit by five cents per share to 98 cents per share.

For the first fiscal quarter ending on February 29, Carnival reported a loss of $214 million, or 17 cents per share, an improvement over the loss of $693 million, or 55 cents per share, in the same period of the previous year. After adjustments for one-time items, including costs for debt repayment and modification, the adjusted loss was 14 cents per share. Analysts had expected an adjusted loss of 18 cents per share, according to FactSet. Revenue rose by almost 22% to $5.41 billion but fell short of the $5.42 billion analysts had anticipated.

Weinstein stated that the company is able to pass on higher prices to customers without affecting demand. Customers also booked earlier than historically usual, giving Carnival the confidence to fill its ships this summer without last-minute discounts. Chief Financial Officer David Bernstein explained that higher prices, higher onboard spending, and increasing occupancy help to more than offset the financial impact of cruise disruptions caused by the conflict in the Red Sea.