Norwegian Cruise Line (NCLH) Misses Q4 EPS by 19c, Revenue In-Line

Norwegian Cruise Line (NYSE: NCLH) reported Q4 EPS of ($1.04), $0.19 worse than the analyst estimate of ($0.85). Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.5 billion.

2023 Outlook

• Entered the year with a record booked position and at higher pricing.
• WAVE season demand has been very strong with the Company’s brands experiencing record launches for WAVE offers and highest-ever booking months in November 2022 and January 2023.
• Occupancy is expected to average approximately 100% for the first quarter and is on track to reach historical levels for the second quarter.
• Capacity is expected to increase approximately 19% compared to 2019 including the delivery of three newbuilds in 2023: Oceania Cruises’ Vista, Norwegian Viva and Regent’s Seven Seas Grandeur.
• Net Per Diem is expected to increase in the range of 8.75 to 10.25% as-reported and 9.00 to 10.50% in Constant Currency versus 2019. Net Yield is expected to increase in the range of 4.75 to 6.25% as-reported and 5.00 to 6.50% in Constant Currency versus 2019.
• The Company is undertaking a broad and ongoing margin enhancement initiative and took several steps in recent months to improve operating efficiencies, reduce costs, and maximize revenue generation opportunities while continuing to provide value to its guests. As part of this initiative, operating efficiency and cost reduction efforts are expected to result in a decrease of nearly 15% in Adjusted Net Cruise Costs excluding Fuel per Capacity Day for full year 2023 as compared to the second half of 2022.
• Adjusted EBITDA is expected to be in the range of $1.8 to $1.95 billion.

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

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