Norwegian Cruise Lines falls short of Q1 profit estimates
Norwegian Cruise Lines Holdings LTD (NCL) was forecasted to make an annual profit for the first time in three years, however fell short of estimates on Tuesday.
The cruise operator, like many others in the industry, is feeling the pressure from ever growing fuel and labour costs.
Shares also dropped around 6 per cent in early trading after NCL saw a much larger then anticipated first quarter loss estimate.
Norwegian Cruise Lines’ and their rivals, such as Royal Caribbean and Carnival Corp have been consistently fighting against rising interest rates, stronger conversion rates for international currency and soaring food and fuel costs that can be linked to the Ukraine conflict.
NCL, based in Florida, Miami has forecast an adjusted profit of 70 cents per share in 2023, compared to estimated of 106 cents per share – according to IBES data Refinitiv. NCL also predicts a 45 cent loss per share in the first quarter of 2023, compared with estimates for 33 cent losses.
On-board and other revenue rose to $507.6 million (around $750 million AUD), accounting for roughly 33 per cent of the total revenue as COVID protocols continued to be replaces, meaning spending on casinos and spa services on board was able to grow.
NCL mentioned the wave season (January – March period that cruise operators offer the years specials and deals) as a strong period for the company and said booking volumes accelerated in recent months, which was also the case for Royal Caribbean when they spoke in February on the topic.
Norwegian Cruise Lines Holdings LTD owns the brand Oceania Cruise, and anticipates occupancy to average around 100 percent in the first quarter and is on track to reach record levels in the second quarter of 2023.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
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