Shares of Carnival Corp. (NYSE: CCL) have been flying this year as investors have been buying up the cruise stock amid a resurgence in travel demand. The company has been generating some strong growth of late and with improving cash flow it also hopes to pay down its debt. All in all, the company looks to be on the right track. But with the stock already up 80% this year, is it too late to invest in Carnival, or is its rally just getting started?

The pandemic disrupted travel and cruise ships in particular became worrisome, as they were often synonymous with COVID-19 outbreaks. Now, however, with the health emergency relating to the pandemic officially over as of last month and peak summer season upon us, Carnival's business could be in prime position to benefit from an increase in demand.

In March, it released its first-quarter earnings results. Revenue totaling $4.4 billion for the period ending Feb. 28 more than doubled the $1.6 billion that Carnival reported in the prior-year period. And what was particularly impressive was the company also said that it "experienced the highest booking volumes for any quarter in its history."

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Source Fool.com