Norwegian Cruise Line reports Q1 adjusted EPS 16c, consensus 11c

Reports Q1 revenue $2.2B, consensus $2.24B.The Company’s ongoing margin enhancement initiative drove continued improvement in operating costs. Gross Cruise Costs per Capacity Day was approximately $300 for the quarter. Adjusted Net Cruise Costs excluding Fuel per Capacity Day was approximately $165, or $164 in Constant Currency, in line with guidance, and flat year-over-year when the $5 Dry-dock impact is excluded. Occupancy was 104.6% for the quarter, in line with guidance, and total revenue per Passenger Cruise Day increased approximately 8%, compared to Q1 2023. “We kicked off 2024 with impressive momentum, with record bookings in the first quarter propelling us to continue our all-time high booked position and an unprecedented level of advance ticket sales. These achievements demonstrate the continued growing demand we are experiencing for our product and offerings,” remarked Harry Sommer, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “Recently, we announced the most comprehensive newbuild program in our Company’s history- eight state-of-the-art vessels, each a new class for our three award-winning brands as well as the construction of a new pier at Great Stirrup Cay. Later this month at our Investor Day, we will be unveiling our comprehensive multi-year strategic, operational and financial updates, which will underscore our focus on delivering experiences that our guests truly value. By enhancing our capacity and elevating our product to create the best, largest, and most efficient vessels in our fleet, we are honoring our 57-year history of innovation that has always driven our growth and continues to be at the forefront of what we do.”