Norwegian Cruise Line (NYSE: NCLH) reported Q4 EPS of $0.85, $0.06 better than the analyst estimate of $0.79. Revenue for the quarter came in at $1.38 billion versus the consensus estimate of $1.39 billion.

• GAAP net income was $154.6 million or EPS of $0.70 compared to $98.8 million or $0.43 in the prior year. The Company generated Adjusted Net Income of $188.8 million or Adjusted EPS of $0.85 compared to $156.8 million or $0.68 in the prior year.
• Revenue increased 10.5% to $1.4 billion compared to $1.2 billion in 2017. These increases were primarily attributed to the addition of Norwegian Bliss to the fleet, along with strong organic ticket pricing growth across all core markets and robust onboard spending. Gross Yield increased 3.0%. Net Yield increased 4.7% on a Constant Currency basis and 4.2% on an as reported basis.
• Total cruise operating expense increased 8.5% in 2018 compared to 2017, primarily due to an increase in Capacity Days. Gross Cruise Costs per Capacity Day increased 1.8%. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day increased 3.6% on a Constant Currency basis and 3.4% on an as reported basis.
• Fuel price per metric ton, net of hedges increased to $496 from $460 in 2017. The Company reported fuel expense of $104.4 million in the period.
• Interest expense, net decreased to $68.2 million in 2018 from $84.3 million in 2017. In connection with the redemption of senior notes and refinancing of certain of our credit facilities, interest expense, net included losses on extinguishment of debt and debt modification costs of $23.9 million in 2017.

“The team at Norwegian Cruise Line Holdings delivered a breakout year in 2018, once again generating industry-leading record financial performance. Strong global demand for our portfolio of brands, the successful, record-breaking introduction of Norwegian Bliss and the flawless execution of our demand creation strategies drove our fifth consecutive year of double-digit earnings per share growth," said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “Building on this momentum, we entered 2019 in the best booked position in our Company’s history, with pricing above prior year’s record levels. The strong start to this year’s WAVE season, coupled with our moderate in-year capacity growth and our solid booked position across our three brands, has us well-positioned to continue driving price throughout the year and into 2020, where we will also benefit from the first full year of sailings from Norwegian Encore and the addition of Regent’s Seven Seas Splendor.”

2019 Outlook

“2018 marked a key inflection point for the Company as we have made significant progress towards achieving our Full Speed Ahead 2020 Targets. Our cash generation continues to accelerate and we remain keenly focused on returning meaningful capital to our shareholders, already returning approximately one-third of our three-year targeted capital distribution,” said Mark Kempa, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd. “We are confident in our outlook for 2019 and beyond, and have built upon our foundation for measured capacity growth by enhancing our growth profile through 2027, with announced orders for all three of our award-winning brands, now totaling eleven vessels, enabling us to expand our presence both globally and domestically and further diversify our product offerings to continue driving outsized shareholder returns.”

For earnings history and earnings-related data on Norwegian Cruise Line (NCLH) click here.