Norwegian Cruise Lines (NCLH) has reported better-than-expected first quarter earnings and
raised its full-year guidance, citing higher prices and improving travel demand.
The cruise line operator announced that its Q1 revenue rose 249% to $1.82 billion U.S. from $521.9 million U.S. a year earlier when it was still recovering from the pandemic.
This year’s Q1 revenue beat the consensus forecast of analysts who were forecasting $1.75 billion U.S. in revenue, according to Refinitiv data.
Norwegian Cruise Lines reported a Q1 loss of $0.30 U.S. a share, which was also better than the $0.41 U.S. per share loss expected on Wall Street.
Shares in the company rose about 3% immediately after the Q1 earnings were made public.
Norwegian, which caters to an affluent clientele, has been raising the prices of its tickets in recent months to offset the impact of higher fuel and food costs due to inflation.
The company said its occupancy rate during Q1 stood at 101.5%, up from 86.6% in the previous fourth quarter of 2022.
Looking forward, Norwegian said it expects a full-year 2023 profit of $0.75 U.S. per share compared with an earlier forecast of $0.70 U.S. a share.
Norwegian Cruise Lines’ stock has slumped 33% over the last 12 months to trade at $13.35 U.S. per share.
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