Norwegian Cruise Line reports Q3 adjusted EPS 99c, consensus 94c

Reports Q3 revenue $2.8B, consensus $2.77B. Gross margin per Capacity Day was up 19% versus 2023 on an as reported and up 20% on a Constant Currency basis. Net Yield growth beat guidance by 260 basis points, increasing over prior year by approximately 8.7% on an as reported and 9.0% on a Constant Currency basis due to strong demand and pricing across our deployment, particularly in Alaska and Canada-New England, as well as onboard spend. “Our exceptional third quarter results, with record revenue, net income and Adjusted EBITDA, surpassed guidance across all key metrics, underscoring the strength of our business, the attractiveness of our product offering across all brands and the superior execution and delivery by our teams both shoreside and shipboard,” said Harry Sommer, President and CEO. “Fueled by robust demand and our relentless focus on cost control and margin enhancement, we’re raising our full-year guidance for a fourth time and expect 2024 to be our best year2 for revenue, Net Yield growth and Adjusted EBITDA. We now project Adjusted EBITDA to be $225 million above our initial guidance, growing 30% year-over-year, and Adjusted EPS to be $0.42 above initial guidance, growing approximately 136% year-over-year, reflecting our ability to capitalize on market opportunities while delivering outstanding experiences across our brands.”