BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Record-Breaking Income and Strong EBITDA Growth
Carnival reported a net income of $1.7 billion, or $1.26 per share, representing a 60% jump from the $1.07 billion in the same period last year. This performance is largely attributed to high-margin yield growth, leading to a record operating income of $2.2 billion, which is 34% higher compared to Q3 2023.
Adjusted EBITDA for the quarter rose to $2.8 billion, reflecting a 25% increase and outperforming previous company guidance by $160 million. These results were driven by strong onboard spending, higher ticket prices, and operational efficiencies that helped the company reduce costs despite global inflation challenges.
Robust Booking Momentum and Future Outlook
One of the key drivers behind Carnival’s success in Q3 2024 was its strong booking momentum for 2025, with customer deposits reaching a third-quarter record of $6.8 billion. This indicates high demand for future sailings, with many itineraries for 2025 already priced higher than in 2024.
Looking ahead, Carnival raised its full-year 2024 adjusted EBITDA guidance for the third time, now expecting it to surpass $6 billion, a 40% year-over-year increase. Additionally, the company anticipates continued growth in net yields for the fourth quarter, projected to rise approximately 5% compared to 2023.
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