Norwegian Cruise lifts profit forecast again after record ticket sales
Updates shares; adds Wall Street estimates, third-quarter EPS in paragraph 9, occupancy in paragraph 10
By Doyinsola Oladipo and Savyata Mishra
Oct 31 (Reuters) -Norwegian Cruise Line Holdings NCLH.N joined rivalRoyal Caribbean RCL.N in raising its annual profit forecast for a fourth time on Thursday, encouraged by record quarterly revenue and advance ticket sales for 2025.
Cruise operators marked resilientdemand this quarter for their vacation experiences as consumer spending in the U.S. increased at its fastest pace in 1-1/2 years and inflation slowed sharply.
Shares of Norwegian Cruise, which have gained 19% this year, rose 5% in premarket trading.
Driven by robust onboard spending, the company's quarterly revenue increased 11% year-over-year to$2.81 billion, compared with analysts' estimatesof $2.77 billion,according to data compiled by LSEG.
The Oceania Cruises operator said its advance ticket sales balance ended the third quarter at $3.3 billion, about6% higher than the same period in 2023.
It now expects an adjusted profit of $1.65 per share for fiscal 2024, compared with its previous forecast of $1.53.
"Fueled by robust demand ... we're raising our full-year guidance for a fourth time and expect 2024 to be our best year for revenue," said CEO Harry Sommer.
The company also raised its 2024 revenue-per-cruise-day forecast to about 9.4%, from its prior outlook of 8.2%, driven by healthy demandfor its cruises in Alaska, Canada, and the Northeastern United States.
The cruise operator posted third-quarter adjusted earnings per share of $0.99, compared with Street estimates of $0.94.
Occupancy was 108.1%, with full-year occupancy expected to average at about 105.0%.
Reporting by Savyata Mishra in Bengaluru and Doyinsola Oladipo in New York; Editing by Devika Syamnath
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