NCLH sails past Q1 estimates, reveals CEO succession plan

NCLH sails past Q1 estimates, reveals CEO succession plan

Norwegian Cruise Line Holdings Ltd (NCLH) has raised its annual profit, cruising past first quarter estimates on Monday.

NCLH has linked higher ticket pricing, increased demand and higher levels on onboard spending and of course the relaxation of COVID protocols to the six per cent increase in share prices.

NCLH refers to the broader company that operates three cruise lines, Norwegian Cruise Line (NCL), Oceania Cruises, and Regent Seven Seas Cruises.

Highlights from the NCLH financial report released 1 May include:

  • Total revenue of $1.8 billion, GAAP net loss of $(159.3) million or EPS of $(0.38).
  • Achieved Adjusted EBITDA of $234 million and Adjusted EPS of $(0.30), above guidance of $195 million and $(0.45) respectively.
  • Company met or exceeded guidance for all key metrics in the first quarter.
  • Sequential Occupancy improvement to approximately 101.5% in the quarter, exceeding guidance of 100%.
  • Total revenue per Passenger Cruise Day increased approximately 17.5% as-reported and 18.3% in constant currency, compared to the same period in 2019.
  • Full year 2023 Adjusted EPS guidance improved to approximately $0.75 reflecting first quarter outperformance partially offset by higher anticipated fuel costs and foreign exchange for the remainder of 2023. Adjusted EBITDA is still expected to be in the range of $1.8 to $1.95 billion.

NCLH also revealed a succession plan for the second half of 2023 when Frank J. Del Rio finishes his tenure as CEO and moves into a consultancy role.

Harry J. Sommer, a 15-year veteran of the company and former president of its largest line (NCL) will succeed Del Rio and also join the board of directors, effective 1 July 2023.

Frank J. Del Rio. (Supplied)

“It has been an honour and privilege to lead the world-class team at Norwegian Cruise Line Holdings for the past eight years,” president & outgoing CEO, Norwegian Cruise Line Holdings Ltd, Frank J. Del Rio, said.

“With the post-pandemic operational recovery complete and the Company solidly positioned for 2023 and beyond, now is the right time to make way for the next generation of leaders who are ready to take this Company on to its newest chapter. Harry is a deeply experienced and strategic leader and I have full confidence that this iconic Company will not skip a beat with him at the helm.”

Harry J. Sommer. (Supplied)

“On behalf of the entire team at Norwegian Cruise Line Holdings, I want to thank Frank for his invaluable contributions as he brought together three of the industry’s leading brands – Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises – to form the best cruise operator in the industry,” president and incoming CEO, Norwegian Cruise Line Holdings, Harry J. Sommer, said.

“Frank has been a friend and mentor for decades, and I look forward to building upon his unequalled legacy.”

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