NCLH Reports USD 2.9 Billion in Third-Quarter Revenue and Raises Full-Year Guidance
Cubierto por 3 fuentesPublicado
- cruise industry newsAnalysts See Early Traction in Norwegian Cruise Line Turnaround
- jornal portuarioNorwegian Cruise Line reporta ingresos por USD 2.900 millones y eleva proyecciones financieras anuales
- Portal PortuarioNCLH devela impacto en resultados financieros por retraso en entrega de barco de Regent Seven Seas
- jornal portuarioNCLH devela impacto en resultados financieros por retraso en entrega de barco de Regent Seven Seas
Norwegian Cruise Line Holdings Ltd. (NCLH) reported total revenue of USD 2.9 billion for the third quarter of 2026 and raised its financial guidance for the year. Analysts at Jefferies, Susquehanna and BNP Paribas agreed that the results and the outlook for 2027 show progress in the cruise line's recovery process, although all three maintained neutral ratings on the stock, citing leverage levels, fuel costs and execution risks.
According to Susquehanna, the quarter's results were driven mainly by revenue, with occupancy at 106.5% versus guidance of approximately 104%, and a 13% increase in onboard revenue driven by last-minute demand. Adjusted earnings per share came in at USD 1.12, above the company's guidance of USD 0.90 and the consensus estimate of USD 0.93. Net yields fell 6.7% in constant currency, a smaller decline than the guided 8.9% and the consensus estimate of 8.3%, according to BNP Paribas, which called the results solid even though a pre-announcement on September 30 had already reduced part of the surprise.
Looking ahead to 2027, both Jefferies and Susquehanna cut their earnings-per-share estimates: Jefferies lowered its forecast to USD 1.33 from USD 1.47, mainly due to higher interest expenses, while Susquehanna reduced its estimate to USD 1.35 from USD 1.40, citing slower capacity growth and higher fuel and unit costs. BNP Paribas noted that the consensus already anticipated a decline in 2027 earnings, with interest expense expected to rise to between USD 860 million and USD 880 million from USD 695 million in 2026. Jefferies also warned of limited fuel hedging, at just 42% for 2027, and projected that leverage would remain above 6.0 times through the end of that year.
Delay of a Regent Seven Seas Vessel
During the earnings presentation, NCLH also reported that net yield for the fourth quarter of 2026 would decline by approximately 6.5%, affected by the delayed delivery of the Seven Seas Prestige, from its subsidiary Regent Seven Seas Cruises, and by the cancellation of some Seven Seas Voyager sailings that transited the Suez Canal. The company explained that this forecast reflects a modest improvement in underlying performance, offset by the unfavorable impact on asset mix.
The maiden voyage of the Seven Seas Prestige had originally been scheduled for December 13, 2026, departing from the Port of Barcelona on a 14-night transatlantic crossing to PortMiami, with stops in Málaga, Madeira and Tórtola, in the British Virgin Islands, and up to 38 shore excursions. Regent explained in an email to guests that, after reviewing the construction schedule, it decided to allow additional time for the ship's final work. The inaugural sailing is now expected on December 28, departing from and returning to Miami, as part of the Azure Elegance program, an 11-night itinerary calling at Progresso, Santo Tomás de Castilla, Harvest Caye, Roatán, Falmouth and George Town.
