Norwegian Cruise Line Holdings, the Nasdaq listed cruise shipping group, has posted a strong increase in net profit for both the third quarter and first nine months of the year and it is on track to achieve its 2014 growth target.
In the third quarter, net profit rose to $201.0 million from $170.8 million, while revenues rose to $907.0 million from $797.0 million.
For the January-September period, the company reported a rise in net profit to $363.9 million from $65.2 million in the same period last year, when financial items had depressed the bottom line. Revenues rose to $2.34 billion from $1.96 billion, the company said in a statement.
"Our results this quarter mark an important milestone in Norwegian's evolution as we report growth in trailing twelve month Adjusted EBITDA for the 25th consecutive quarter coupled with our consistent margin improvement," said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line Holdings Ltd.
"In that more than six year period, Norwegian's Adjusted EBITDA has grown at an industry-leading compound annual growth rate of 23% with a commensurate margin expansion of over 1,600 basis points to 27.6%, with future expansion expected as we continue to successfully execute on our strategies," continued Sheehan.
In addition to the results for the third quarter, the company also provided the following guidance for the fourth quarter and full year 2014, along with accompanying sensitivities. This guidance excludes the impacts from the acquisition of Prestige Cruises which is expected to close in the fourth quarter of 2014.
"We are confident that we will achieve our target of over 60% growth in full year Adjusted EPS that we established at the beginning of the year. This achievement will once again demonstrate our resilience and ability to deliver consistent financial performance despite the external headwinds that occurred throughout the year," said Sheehan.
