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NCLH net profit leapt to $954.8 million in 2018 on strong demand

Norwegian Cruise Line Holdings, Ltd (NCLH), the world’s third largest cruise shipping group, reported an increase in net profit to $954.8 million last year from $759.8 million in 2017 on strong demand.

Earnings per share amounted to $4.25. Revenues increased to $6.06 billion from $5.39 billion and operating income rose to $1.22 billion from $1.05 billion. In the final quarter of last year, NCLH recorded a rise in net profit to $154.6 million from $98.8 million, while operating profit rose to $209.6 million from $177.2 million.

This increase in full year revenue above the $6.0 billion mark for the first time was primarily attributed to an 8.5% increase in capacity days due to the delivery of Norwegian Bliss in April 2018 and Norwegian Joy in April 2017, as well as strong organic pricing growth across all core markets.  Gross yield increased 3.4%. Net yield increased 3.5% on a constant currency basis and 3.7% on an as reported basis.

Cruise operating expense increased 10.2% in 2018 compared to 2017, primarily due to an increase in capacity days.  Gross cruise costs per capacity day increased 2.7%. Adjusted net cruise cost excluding fuel per capacity day increased 2.6% on a constant currency basis and 2.9% as reported.

Fuel price per metric ton, net of hedges increased to $483 from $465 in 2017.  The Company reported fuel expense of $392.7 million in the period.

“The team at Norwegian Cruise Line Holdings delivered a breakout year in 2018, once again generating industry-leading record financial performance.  Strong global demand for our portfolio of brands, the successful, record-breaking introduction of Norwegian Bliss and the flawless execution of our demand creation strategies drove our fifth consecutive year of double-digit earnings per share growth," said Frank Del Rio, president and chief executive officer, in a statement. 

 

 

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