by Sarah Kuta
Last updated: 11:45 AM ET, Wed February 28, 2024
Strong demand for expedition cruises boosted Lindblad Expeditions Holdings’ revenue in the fourth quarter of 2023, according to the company’s latest update to shareholders.
Lindblad reported a fourth-quarter net loss of $28.5 million, or $0.53 per share, compared to $33.2 million and $0.63 per share in the fourth quarter of 2022. Fourth-quarter revenue increased by 6 percent to $125.4 million.
Revenue from Lindblad cruises increased 7 percent to $85.5 million, mostly because of an 18 percent increase in available guest nights as the company continues to expand its operations. Revenue from the company’s land programs rose 5 percent to $39.6 million in the fourth quarter because of additional departures and higher pricing.
For all of 2023, the company reported $569.5 million in total revenue, $66.1 million in net loss, occupancy of 77 percent and net yield per available guest night of $1,097. Available guest nights also increased by 33 percent.
"The record full year results we delivered in 2023 provide a glimpse of the earnings power of the company as we further ramp our expedition operations and maximize the potential across our platform of leading land-based travel companies,” said Sven Lindblad, the company’s CEO, in the statement.
The company also celebrated its renewed partnership with National Geographic. In November, the two inked an agreement to extend their 20-year relationship for another 17 years through 2040.
“Over the past two decades, our intuitive connection and shared ethos has positively impacted hundreds of thousands of guests, while also providing meaningful support to some of the world's most remarkable destinations,” Lindblad added. “The expanded agreement will enable us to build on that success in the years ahead as we expand our addressable audiences, develop additional innovative expeditions and reach more citizen explorers than ever before."
Looking ahead to 2024, the company hopes to bring in $610 to $630 million in revenue. Through February 26, bookings for 2024 trips were up 2 percent compared to the same date in 2023.
“The company has substantial advance reservations for future travel with strong gross bookings, partially offset by the short-term impact of instability in Ecuador and the Middle East,” according to the update.
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