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Carnival Corporation said Wednesday the Francis Scott Key Bridge collapse in Maryland could have a negative effect on its full-year earnings.
The cruise line operator told shareholders it could see a “current estimated impact of up to $10 million on both adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] and adjusted net income for the full year 2024.”
The bridge fell into the Patapsco River near Baltimore early Tuesday morning. Its collapse stemmed from a large container ship striking one of its support columns.
The Port of Baltimore has faced disruptions after the Francis Scott Key Bridge incident, halting vessel traffic while trucks continue to be processed at the marine terminals. Carnival, which operates cruises from Baltimore, noted that the estimated $10 million impact from the collision was not factored into its 2024 outlook due to the timing and temporary homeport change. Despite this, the company reported “record” first-quarter revenues of $5.4 billion with a reduced net loss of $214 million.
CEO Josh Weinstein updated analysts and investors this week in regards to a headquarters alternative in Virginia: “Fortunately, our teams quickly secured a temporary homeport in Norfolk for as long as it’s needed, which should help to minimize operational changes… We look forward to getting back to our home in Baltimore as soon as possible.”
Carnival Cruise Line temporarily moves operations from Baltimore to Norfolk, Virginia, following the Francis Scott Key Bridge collapse. https://t.co/XkEC2OtM54 pic.twitter.com/rk9fB1RTcv
— USA TODAY (@USATODAY) March 27, 2024
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