Norwegian Cruise Line Holdings Reports 'Positive Momentum' in Third Quarter

Norwegian Cruise Line Holdings Ltd. (NCLH) is the latest cruise giant to achieve "positive momentum" coming out of the third quarter of 2022.

Norwegian, which operates its namesake Norwegian Cruise Line as well as Oceania Cruises and Regent Seven Seas Cruises, beat out Wall Street estimates this fall with revenue for the three-month period ending September 30 rising to $1.62 billion from $153.1 million during the same month a year ago.

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"We are demonstrating continued positive momentum as we consistently reach key operational and financial milestones, including positive Adjusted EBITDA in the third quarter for the first time since the start of the pandemic," NCLH President and CEO Frank Del Rio said in a statement.

NCLH's occupancy in the third quarter also rose to about 82 percent from 65 percent in the previous quarter and the company's 2023 booked position is equal to the pre-pandemic year of 2019's record levels.

"The underlying fundamentals of our business and our target upmarket consumer remain strong and our strategy of focusing on maximizing long-term, sustainable profitability is working as intended, evidenced by our 2023 booked position which is equal to 2019's record levels and at record pricing," Del Rio added.

NCLH's total revenue per Passenger Cruise Day exceeded expectations, increasing approximately 14 percent in the third quarter of 2022 compared to the same period in 2019.

"We believe we are uniquely positioned within the cruise space to unlock value for our stakeholders given our dominance as the leading operator in upscale experiences, our sizeable yet nimble 29-ship fleet, our industry-best growth profile and our differentiated go-to-market strategy of market-to-fill and value-add bundling."

The company also reaffirmed its expectation for record adjusted EBITDA and record net yield for the full year 2023.