Norwegian Cruise misses revenue estimates on occupancy constraints
2022.08.09 15:26
FILE PHOTO: U.S. Norwegian Cruise Line Holdings cruise ship Marina arrives at the Havana bay, Cuba March 9, 2017. REUTERS/Alexandre Meneghini/File Photo
(Reuters) – Norwegian Cruise Line (NYSE:NCLH) Holdings Ltd reported quarterly revenue below Wall Street estimates on Tuesday as U.S. cruise liners resuming operations after more than a year recorded weaker occupancy levels.
Shares in the company fell nearly 3% in premarket trading.
The industry looks to cruise towards full occupancy after the pandemic brought it to a near 18-month standstill, but self-imposed constraints as well as onboard COVID-19 cases, labor shortages and volatile demand stand in the way.
Norwegian Cruise’s total revenue rose to $1.19 billion for the second quarter from $4.4 million a year earlier. Analysts on average had expected $1.26 billion, according to IBES data from Refinitiv.
Net loss narrowed to $509.3 million, or $1.22 per share, in the reported quarter, from $717.8 million, or $1.94 per share, a year earlier.
The company expects to reach slightly positive adjusted core earnings in the second half of 2022, it said.
