• 3 min de lectura
• 3 min de lectura
Norwegian Cruise Line Holdings' second quarter profit was better than expected and revenue rose nearly 5% but the company's full-year guidance is under Wall Street's consensus forecast.
Full-year net yields are expected to be down 5% while earnings per share are projected to be approximately $1.50, compared to Wall Street's $1.67 and May guidance of $1.45 to $1.79.
NCLH said it remains below its optimal booked position for the next 12 months as the company continues to "experience pressure from softer demand" at the Norwegian Cruise Line brand. This is related to company-specific execution challenges, as well as the ongoing Middle East conflict.
The Sept. 4 opening of Great Stirrup Cay's Great Tides Waterpark is expected to improve demand for Caribbean itineraries over time.
The private island's pier is also supposed to be ready Sept. 4.
Adjusted net income was $222m, or 48 cents per share, ahead of Wall Street's 39-cent forecast and the company's 38-cent guidance. US GAAP net income was $223m, or 48 cents per share.
Adjusted EBITDA declined 4.1% to $666m. but was above guidance of $632m.
Driven by higher capacity days, revenue grew 4.9%, to $2.64b, in line with Wall Street expectations.
Occupancy was 102.4%.
Net yield decreased approximately 2.1% as reported and 2.6% in constant currency, better than guidance of a 3.6% decline.
Adjusted net cruise cost, excluding fuel, per capacity day was approximately $164 as reported and $163 in constant currency. This was essentially flat as reported and decreased 0.5% in constant currency, 150 basis points better than guidance.
Chairman/CEO John Chidsey called it a "solid second quarter with profitability ahead of guidance."
He added NCLH continued to advance its strategic priorities to strengthen the business for the long term.
"We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time," Chidsey said.
The additional $100m in expected annualized run-rate savings, primarily from capital expenditures and SG&A expenses, through consolidation of technology vendors and other cost reductions, adds to the $125m in annualized savings announced last quarter.
"While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround," Chidsey said.
Q3 net yield is expected to decline 8.9% in constant currency year over year, while adjusted net cruise cost, excluding fuel, per capacity day is expected to be down 0.9% in constant currency.
Adjusted EBITDA is forecast as $874m and adjusted EPS 90 cents, the latter the same as Wall Street's consensus.
This month NCLH entered into a memorandum of agreement for the sale of Oceania Sirena. Oceania Cruises expects to continue operating the ship through spring 2028 pursuant to a charter agreement. The transactions are expected to close during Q3 this year.
