Norwegian Cruise Line NCLH fourth quarter 2023 earnings

Norwegian Cruise Line (NCLH) fourth quarter 2023 earnings

Here's Norwegian's fourth-quarter performance compared to estimates from LSEG, formerly known as Refinitiv:

  • Loss per share: 18 cents versus 14 cents expected
  • Revenue: $1.99 billion versus expected $1.97 billion

For the final three months of 2023, Norwegian reported a net loss of $106.5 million, an improvement from a loss of $482.5 million in the same period last year. The company's loss per share narrowed to 25 cents from $1.14 a year ago. Adjusted for one-time items, Norwegian reported a loss per share of 18 cents.

For the full year, the company generated total revenue of $8.55 billion, an increase of 32% over 2019, with net income of $166.2 million. In 2022, Norwegian lost $2.27 billion.

The company recorded a occupancy rate of 102.9% for the year. Total revenue per passenger per day increased 17% from pre-pandemic levels.

The company said it was receiving strong demand for most of its cruises, except for Middle East voyages that were canceled due to violence in Gaza. The cancellations only led to a slight decline in occupancy in the fourth quarter to 99.2%, the company said.

“Norwegian Cruise Line Holding experienced a significant year of growth and achievements in 2023,” CEO Harry Sommer said in a statement. “We successfully took delivery of three new ships, one for each of our brands, representing the most deliveries in a single year in our company’s 57-year history. This important milestone demonstrates our commitment to innovation and our commitment to providing exceptional vacation experiences for our guests.”

The company said it is currently experiencing record-breaking booking levels in the fourth quarter and the full year due to “healthy consumer demand.”

For full-year 2024, the company expects adjusted earnings of approximately $635 million, or $1.23 per share, and an occupancy rate of approximately 105%. Analysts surveyed by LSEG had expected earnings per share of $1.21 in 2024.

Shares of other cruise companies, including Royal Caribbean Cruises and Carnival Corp., also rose Tuesday morning.