Latest news with #DavidBernstein
Yahoo
7 days ago
- Business
- Yahoo
Insiders At Carnival Corporation & Sold US$2.8m In Stock, Alluding To Potential Weakness
Many Carnival Corporation & plc (NYSE:CCL) insiders ditched their stock over the past year, which may be of interest to the company's shareholders. When analyzing insider transactions, it is usually more valuable to know whether insiders are buying versus knowing if they are selling, as the latter sends an ambiguous message. However, if numerous insiders are selling, shareholders should investigate more. While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, we do think it is perfectly logical to keep tabs on what insiders are doing. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. The CFO & Chief Accounting Officer, David Bernstein, made the biggest insider sale in the last 12 months. That single transaction was for US$2.4m worth of shares at a price of US$22.84 each. That means that even when the share price was slightly below the current price of US$23.22, an insider wanted to cash in some shares. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. This single sale was just 43% of David Bernstein's stake. Insiders in Carnival Corporation & didn't buy any shares in the last year. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction! See our latest analysis for Carnival Corporation & If you like to buy stocks that insiders are buying, rather than selling, then you might just love this free list of companies. (Hint: Most of them are flying under the radar). The last three months saw significant insider selling at Carnival Corporation &. Specifically, CFO & Chief Accounting Officer David Bernstein ditched US$2.4m worth of shares in that time, and we didn't record any purchases whatsoever. This may suggest that some insiders think that the shares are not cheap. For a common shareholder, it is worth checking how many shares are held by company insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. Carnival Corporation & insiders own 6.7% of the company, currently worth about US$2.0b based on the recent share price. Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders. An insider sold Carnival Corporation & shares recently, but they didn't buy any. Looking to the last twelve months, our data doesn't show any insider buying. But since Carnival Corporation & is profitable and growing, we're not too worried by this. While insiders do own a lot of shares in the company (which is good), our analysis of their transactions doesn't make us feel confident about the company. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. Our analysis shows 2 warning signs for Carnival Corporation & (1 doesn't sit too well with us!) and we strongly recommend you look at them before investing. Of course Carnival Corporation & may not be the best stock to buy. So you may wish to see this free collection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
The Independent
22-05-2025
- Politics
- The Independent
Roy Hodgson is the toast of a proud FA, just don't mention Harry Redknapp
The Football Association was obviously proud of its pick and of its process yesterday. All four members of the Club England board flanked new manager Roy Hodgson at the Wembley press conference, and three of them spoke enthusiastically about their new man. Confidence in the team and its chances, though, was rather less obvious. Hodgson's familiarity with the pressures and rhythms of international football clearly counted in his favour. As the FA pointed out, repeatedly, Hodgson was a successful manager of Switzerland who had also coached United Arab Emirates and Finland. To prioritise that was a new departure. "This is the first time the FA have appointed an England manager with any previous experience of international football," the FA chairman, David Bernstein, announced. "That experience can only help us with our plans for Brazil in 2014. He has outstanding contacts through his work with Uefa and Fifa. This experience, ability and track record of building teams made him the outstanding candidate for us." All true enough: Hodgson has all of that and more, including a League Managers Association Manager of the Year award, a run to a European final, and titles won in Sweden and Denmark. But he was not the favourite for this job. The reason for the FA's choice of Hodgson over Harry Redknapp was the question hanging over the afternoon, but Bernstein insisted it had been a careful, deliberative process, which concluded in a unanimous, unambiguous decision. "We only approached one club," Bernstein said. "We initially put together a list of names for consideration, then reduced that down in time. Roy emerged as the standout name. We canvassed views and opinions from a wide number of people in the game. With the board, we were unanimous in choosing Roy, a manager of vast experience of international and European football." There was no need for a public competition, Bernstein said, as the FA could choose the best candidate itself: "We felt that, if we did our homework sufficiently strongly, our research thoroughly, and the whole thing in a measured, professional way, it was better to come up with one favoured candidate than interview a range of people." Of course, it has been suggested that Hodgson was the value candidate, with an expiring contract at a mid-table club. Again, Bernstein repelled the claim. "We were driven purely be the desire to get the best person," he said. "It was definitely not financially driven." The board did not mention Redknapp by name. The closest acknowledgement of his presence was when Bernstein suggested the board had not taken the popular option. "There were easier appointments," he conceded. "It shows the level of confidence that we went for this appointment understanding all the issues." There certainly is confidence from the FA board in its handling of this. They have a good manager in place before the end of the season; it was not always clear it would end this well. "It has been handled very professionally, confidentially," Bernstein said. "We always said we'd make the appointment around now, and we've stuck to our timing." While the FA spoke to Hodgson only last weekend, it said that it had chosen him roughly one month ago, but delayed contact. "We thought it was too early and might disrupt West Brom's season," Bernstein explained, although supporters of Tottenham Hotspur might raise an eyebrow or two. But the man is in place and now he has to drag England through a European Championship. Bernstein announced, mercifully, that there was "no fixed minimum target" for Euro 2012. Football matters, though, were largely left to Sir Trevor Brooking, the FA's director of football development. And here, the optimism and pride were slightly dampened. "It's going to be a tough job, whoever the manager is," Brooking acknowledged. "Tournament football has always been a big challenge. The likes of Germany, Holland and Spain will be ahead of us in terms of expectancy." They certainly will, and in other terms too. "But the coach we have appointed can improve the group." Reaction to Roy: What the game thinks Jack Wilshere (England and Arsenal) "Not many have the experience that Roy Hodgson has, he has proved he is a top manager at international level so don't see any reason why he can't do it for England... good choice in my opinion! Good luck and I hope I can help him in some way in the future!" Steven Gerrard (England and Liverpool) "I've worked with Roy. He's a good man and a good manager. It's important he's given a chance and I'm looking forward to working with him again." Chris Brunt (West Bromwich Albion, the club Hodgson will be leaving at the season's end) "Congratulations to Roy Hodgson, he will do a good job for England like he has done for us over last 18 months. Great coach and a good man." Peter Odemwingie (West Bromwich Albion) "It was a pleasure working with him. Hope he will do well with the England." Roberto Di Matteo "It'll be difficult for anybody but I think he's got all of the experience that you need for a national team." Sven Goran Eriksson
Yahoo
14-05-2025
- Business
- Yahoo
Carnival's Bold $993 Million Debt Play: A Lifeline or a Risky Bet?
Carnival Corp. (NYSE:CCL) is back in the debt market, rolling out $993 million in senior unsecured notes to refinance pricier 7.625% bonds maturing in 2026. The new notes are expected to price between 5.875% and 6%, potentially slicing $16 million off the company's annual interest expenses, according to Bloomberg Intelligence estimates. It's a calculated move for a company that's been chipping away at a debt load that ballooned during the pandemic, with Fitch Ratings projecting Carnival's debt to drop to $27 billion by the end of 2025, down from $36 billion in 2022. Warning! GuruFocus has detected 3 Warning Sign with CCL. Carnival's CFO David Bernstein didn't mince words in the latest earnings call: Debt reduction is priority one, two, and three. That mantra has driven $5.5 billion in refinancing this year alone, saving $145 million annually in interest costs. Fitch upgraded its rating on Carnival's senior unsecured notes, citing the company's record bookings for 2025 and 2026. The cruise operator, along with Royal Caribbean and Norwegian, is riding a wave of long-term bookings, as more travelers opt for cruises over traditional resort vacations. The timing of Carnival's latest bond sale aligns with a broader debt issuance surge, fueled by a temporary tariff truce between the US and China. With four new junk bond deals hitting the market and $6 billion priced last week, Carnival is seizing the moment to secure lower borrowing costs as it continues to chip away at its pandemic-era debt mountain. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-03-2025
- Business
- Yahoo
Carnival PLC (CUK) Q1 2025 Earnings Call Highlights: Record Revenue and Strategic Debt ...
Revenue: Achieved first-quarter high-water marks for revenue. EBITDA: Reached $1.2 billion, a near 40% year-over-year increase. Net Income: Exceeded guidance by more than $170 million. Yield Increase: 7.3% increase, surpassing yield guidance. Operating Income: Nearly doubled for the quarter. Operating and EBITDA Margins: Improved over 400 basis points year over year. Customer Deposits: Up over $300 million versus the prior year. Interest Expense: Favorability of $13 million due to refinancing efforts. Debt Refinancing: Refinanced $5.5 billion of debt, reducing interest expense by $145 million annually. Total Debt: Reduced by $0.5 billion, ending the quarter with $27 billion. Cash Interest Rate: Reduced to 4.6%. Warning! GuruFocus has detected 6 Warning Signs with CUK. Release Date: March 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Carnival PLC (NYSE:CUK) achieved a robust 7.3% yield increase, surpassing their yield guidance. Operating income nearly doubled for the quarter, with EBITDA reaching $1.2 billion, marking a 40% year-over-year increase. The company raised its full-year earnings guidance by $185 million due to strong first-quarter results. Carnival PLC (NYSE:CUK) is on track to meet its 2026 financial targets a year early, with ROIC expected to hit 12%. The company has successfully refinanced $5.5 billion of debt, reducing interest expenses and improving leverage metrics. Despite strong performance, Carnival PLC (NYSE:CUK) acknowledges heightened macroeconomic and geopolitical volatility. There are increased dry-dock costs due to unplanned dry docks, impacting cruise costs. The company faces challenges in maintaining yield improvements amidst global economic uncertainties. Carnival PLC (NYSE:CUK) has limited capacity growth, which could constrain future revenue expansion. The sale of Seabourn Sojourn, while financially beneficial, reduces the fleet size of the Seabourn brand. Q: Can you provide more color on consumer demand trends since the 4Q period? A: Josh Weinstein, CEO, noted that wave season was a success, setting a record for bookings for future years. They entered wave season with historic occupancy and pricing, which they used to their advantage, resulting in strong Q1 yields and maintaining yield guidance for the rest of the year over 4%. Q: You beat Q1 by $165 million but raised guidance by only $100 million. Can you clarify the impact of ALBDs and dry docks on this? A: David Bernstein, CFO, explained that the flow-through to the year was due to yield improvements and $100 million in interest expense savings. The cost was mostly timing-related, with some permanent savings offset by reduced ALBDs due to extra dry docks. Q: Are there any differences in consumer booking behavior between Europe and America, or between drive-to and fly-to markets? A: Josh Weinstein, CEO, stated that European brands have been outperforming, driven by structural improvements. The portfolio approach allows them to cater to different consumer preferences across regions, with no significant differences in booking behavior noted. Q: How do you perceive the industry's willingness to hold price if consumer demand slows? A: Josh Weinstein, CEO, emphasized that Carnival is focused on executing its strategy, resulting in strong bookings and visibility. With no capacity growth, they are in a favorable position, and the industry overall is on solid ground with good leaders. Q: Are there any forward indicators of consumer sentiment beyond bookings and onboard spend? A: Josh Weinstein, CEO, mentioned that cancellations are consistent, and there are no other significant indicators to flag. They are confident in their guidance and ability to deliver results despite global volatility. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
