Carnival Corp. (CCL) shares turned higher in intraday trading Wednesday after the cruise line posted a smaller adjusted first-quarter loss than analysts expected.

Carnival posted record first-quarter revenue of $5.41 billion, narrowly missing analyst estimates compiled by Visible Alpha of $5.43 billion. The cruise line also posted a smaller adjusted net loss than expected of $180 million, or an adjusted loss of 14 cents per share.

The company raised its full-year guidance, while noting that Tuesday's collapse of Baltimore's Francis Scott Key Bridge isn't yet included, due to how recently it took place. The bridge collapse is currently estimated to ding the company's full-year net income by up to $10 million, and continuing to reroute ships to avoid conflict in the Red Sea could affect adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by about $130 million.

Carnival is currently projecting full-year 2024 adjusted income of about $1.28 billion, up from a prior outlook of $1.2 billion but still below analyst estimates of about $1.36 billion.

"This has been a fantastic start to the year. We delivered another strong quarter that outperformed guidance on every measure, while concluding a monumental wave season that achieved all-time high booking volumes at considerably higher prices," Carnival Chief Executive Officer (CEO) Josh Weinstein said.

Carnival has only posted one profitable quarter since 2020, fiscal 2023's third quarter. The cruise line and rivals Royal Caribbean Cruises Ltd. (RCL) and Norwegian Cruise Line Holdings Ltd. (NCLH) have worked in recent quarters to make up for the billions of dollars they lost because of the pandemic.

Carnival shares were up nearly 3% at $17.55 around 1:30 p.m. ET Wednesday after slipping to $16.17 early in the session. They have gained 90% over the last 12 months.