New ships push up revenue at Norwegian Cruise Line

New ships push up revenue at Norwegian Cruise Line

Norwegian Cruise Line has reported a revenue increase of 18.9 per cent, to $766 million, for the quarter ended June 30th 2014.

Adjusted EBITDA for the period also increase of 44 per cent to $219 million.

“This quarter marks the first full quarter with both Breakaway-class ships in operation,” said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line.

“Along with Norwegian Epic, these newer, premium, earnings-rich ships now comprise a little over a third of our capacity and contributed to the doubling of earnings in the quarter.”

For the second quarter of 2014, the company reported Adjusted EPS of $0.58, on Adjusted Net Income of $121 million, compared to $0.29 for the same period in 2013.

On a GAAP basis, diluted earnings per share and net income were $0.54 and $111.6 million, respectively.

Revenue increases were driven by a 19.6 increase in capacity days and a 3.3 per cent improvement in net yield.

The increase in capacity days was primarily from the addition of Norwegian Getaway and Norwegian Breakaway to the fleet in January 2014 and April 2013, respectively, and was partially offset by the planned dry-dock of Norwegian Jewel.

The yield improvement was due to higher occupancy percentage, higher onboard and other revenue and benefits from initiatives to reduce our cost of sales.