Lindblad Expeditions, the US based expedition cruise operator, expects a strong year after a leap in its first quarter net profit.
Group net profit rose to $14.6 million from $10.8 million in the same period last year, while revenues increased to $89.6 million from $82.4 million. Operating income, however, remained stable at $14.4 million as operating expenses rose to $75.3 million from $68.0 million, the company said in a statement.
The company was able to cut other expenses and it received a $3.0 million tax benefit compared to a $0.3 tax bill in the first quarter of last year, which lifted net income..
Sven-Olof Lindblad, President and Chief Executive Officer, said, "Lindblad is off to another great start in 2019 as the strong momentum we generated throughout the last year and a half continued into the first quarter. The addition of our second new build vessel, the National Geographic Venture, in December of 2018, has further increased our overall capacity and as we have expanded our inventory we continue to maintain high yields and occupancy levels.”
“Demand for expedition travel has never been greater and with a proven track record of delivering high quality and immersive experiences, along with our long-standing partnership with National Geographic, we are generating booking strength from both loyal guests as well as those experiencing this type of travel for the first time. Reservations for departures later this year and beyond remain strong as we continue to see broad based demand at higher yields for our new builds as well as our existing fleet.”
“With further capacity expansion, including two new polar vessels scheduled to join our fleet over the next two years, and the ability to sustain pricing and occupancy levels, we remain uniquely positioned to generate continued strong growth and build additional shareholder value for years to come."
The Company's current expectations for the full year 2019 are as follows:
Tour revenues of $350 - $358 million (13% – 16% growth)
Adjusted EBITDA of $67 - $70 million (22% – 28% growth)
As of April 30, 2019, Lindblad segment bookings for travel during 2019 have increased 11% as compared with bookings for 2018 as of the same date a year ago. Additionally, the Lindblad segment had 94% of full year 2019 projected guest ticket revenues on the books versus 95% of full year 2018 revenue at the same time last year.
