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Investing.com -- Carnival Corporation reported better-than-expected first-quarter earnings and revenue on Thursday, with the company raising its full year earnings outlook.

The world's largest cruise company posted adjusted earnings per share of $0.13, surpassing analyst estimates of $0.02. Revenue climbed to a record $5.81 billion, exceeding expectations of $5.75 billion and rising over $400 million YoY.

Carnival (NYSE:CCL)'s net yields in constant currency jumped 7.3% compared to the prior year, significantly outperforming the company's December guidance. The strong performance was driven by robust close-in demand and continued strength in onboard revenue.

Despite the earnings beat, Carnival shares are down over 5%.

For 2025, Carnival now expects adjusted net income to increase over 30% compared to 2024, an improvement of $185 million from its previous forecast. Fiscal 2025 adjusted earnings per share is seen at around  $1.83, above the previous forecast of about $1.70 per share.

The company projects net yields in constant currency to rise approximately 4.7% YoY, up 0.5 percentage points from prior guidance.

"Our first quarter was truly characterized by outperformance," said CEO Josh Weinstein. "This was across the board and led by incredibly strong demand throughout our portfolio including exceptional close-in demand that exceeded expectations for both ticket prices and onboard spending."

Carnival ended the quarter with record first quarter customer deposits of $7.3 billion, reflecting continued growth in ticket prices and pre-cruise onboard sales. The company's cumulative advanced booked position for the remainder of 2025 remains in line with last year's record levels, with pricing at historical highs.

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