Norwegian Cruise Line Q2 2020 Earnings Report
Key Takeaways
Norwegian Cruise Line Holdings reported a decrease in revenue to $16.9 million compared to $1.7 billion in 2019 due to the complete suspension of voyages in the quarter. The company's GAAP net loss was $(715.2) million, or EPS of $(2.99), compared to $240.2 million, or $1.11 in the prior year.
Company has experienced swift and significant impacts related to the COVID-19 global pandemic which have resulted in voyage suspensions through October 31, 2020.
Company’s overall cumulative booked position and pricing for 2021 are within historical ranges including bookings made with future cruise credits.
Company announced a collaboration with Royal Caribbean Group to assemble a group of experts, the “Healthy Sail Panel”, which is tasked with developing recommendations for cruise lines to advance their public health response to COVID-19, improve safety, and achieve readiness for the safe resumption of operations.
Company's targeted monthly cash burn is on average, approximately $160 million per month during the suspension of operations.
Norwegian Cruise Line
Norwegian Cruise Line
Forward Guidance
As a consequence of COVID-19, while the Company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with certainty, it expects to report a net loss on both a U.S. GAAP and adjusted basis for the third quarter ending September 30, 2020 and the year ending December 31, 2020.