Norwegian Cruise Line Holdings Ltd. (NCLH) reported record earnings for the fourth quarter and full year 2016 Wednesday.
NCLH reported net income of $72.2 million for the fourth quarter 2016 compared to $38.3 million for the fourth quarter the previous year. For the full year ended December 31, 2016, the company reported net income of $633.1 million compared to $427.1 million for the full year 2015.
Revenue increased 8.5 percent in the fourth quarter 2016 to $1.1 billion compared to $1.0 billion in 2015. For the full year 2016, NCLH's total revenue increased 12.2 percent to $4.9 billion.
The figures can be attributed to NCLH's expanded fleet, which welcomed the Seven Seas Explorer and Oceania Cruises' Sirena to the mix last year.
"2016 marks another record year of earnings, continuing our track record of solid EPS growth, which has grown fivefold since 2013, the year of our initial public offering," said NCLH president and CEO Frank Del Rio in a statement accompanying Wednesday's announcement.
NCLH said that gross cruise cost increased 9.5 percent last year compared to 2015, citing an increase in total cruise operating expense resulting from a rise in capacity days as well as marketing, general and administrative expenses.
Looking ahead, the company revealed that its 2017 booked position is at a historic high and anticipates a fourth consecutive year of double-digit growth in earnings per share.
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"This solid revenue and earnings trend is expected to continue in 2017 as we are now in the best-booked position in our company's history with pricing slightly above the prior year," added Del Rio.
Later this year, NCLH will make its debut in the Chinese cruise market with the launch of the Norwegian Joy and begin sailing to Cuba on its Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
"With our strong booked position and continuing momentum we look forward to another year of solid financial performance," said NCLH executive vice president and chief financial officer Wendy Beck in a statement.
Last week, Norwegian Cruise Line announced it had ordered four new ships that are expected to be delivered over the next eight years.
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