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Jun 30, 2024
Norwegian Cruise Line Q2 2024 Earnings Report
Norwegian Cruise Line's financial performance in Q2 2024 exceeded expectations, with revenue up ~8% year-over-year and full-year guidance raised for the third time.
Key Takeaways
Norwegian Cruise Line Holdings reported strong second-quarter 2024 financial results, with revenue up approximately 8% over the prior year to record levels. The company exceeded its Q2 guidance and raised its full-year guidance for the third time. Occupancy was 105.9% for the second quarter of 2024.
Adjusted EPS is expected to grow approximately 120% compared to 2023.
Occupancy was 105.9% for the second quarter of 2024, slightly above guidance.
Net Yield growth was up approximately 6.3% versus 2023.
Advance ticket sales balance ended the second quarter of 2024 at an all-time record high of $3.9 billion, approximately 11% higher than the same period of 2023.
Revenue by Segment
Forward Guidance
The Company raised its 2024 full-year guidance for key metrics resulting in expected Adjusted EPS growth of 120% versus 2023, while keeping our cost guidance for the year unchanged at flat to prior year
Positive Outlook
- Adjusted EPS to grow approximately 120% compared to 2023
- Net Yield guidance increased by 100 basis points from prior guidance to growth of approximately 8.2% from approximately 7.2% on a Constant Currency basis compared to 2023
- Adjusted EBITDA guidance increased by $50 million to $2.35 billion.
- Adjusted EPS guidance was increased by $0.11, or 8%, to approximately $1.53 from approximately $1.42.
- Full year 2024 Occupancy is expected to average 105.2%, slightly above prior guidance.
Challenges Ahead
- Adjusted Net Cruise Cost Excluding Fuel per Capacity Day would be essentially flat year-over-year, amounting to $155 in 2024 as reported and in Constant Currency.
- Full Year 2024 includes an approximate 300 basis point, or approximately $5, impact of increased Dry-dock days and related costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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