After a long pandemic that anchored the cruise operator Carnival Corp. (NYSE: CCL), the company looks poised to start sailing in calmer seas. Travelers are booking cruises in record numbers, and the company appears positioned to earn record revenue in 2023.

However, one cannot deny that the pandemic left the company with an impaired balance sheet that will take years to repair. Thus, investors need to look at Carnival's stock in a different light than the company.

Amid rising demand for cruises, investors can feel confident that Carnival has turned the corner. In the first quarter of fiscal 2023 (ended Feb. 28), revenue reached $4.4 billion, or 95% of 2019 levels. Booking volumes also came in at the highest levels in company history.

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Source Fool.com