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  • Norwegian Cruise Line Holdings reports financial results for the Third Quarter 2015
  • 2015 November 4 13:57

    Norwegian Cruise Line Holdings reports financial results for the Third Quarter 2015

    Norwegian Cruise Line Holdings Ltd. together with  NCL  Corporation Ltd., " Norwegian Cruise Line Holdings ", has reported financial results for the  quarter ended  September 30, 2015  and provided guidance for the fourth quarter and full year 2015.

    Third Quarter 2015 Highlights

    Adjusted EPS growth of 22% to  $1.35  on Adjusted Net Income of  $311.1 million

    Increase in Adjusted Net Yield on a Combined Company basis of 2.2%, or 4.7% on a Constant Currency basis, driven by  improved pricing in the quarter. Increase of 19.8% on an as reported basis.

    Adjusted EBITDA increase of 37% to  $447.8 million  from  $326.7 million . 

    The Company generated Adjusted Net Income of  $311.1 million , or  $1.35  per share. Adjusted EPS increased 22% over prior  year and was at the top end of the Company's guidance range, benefiting from solid Net Yield performance. On a GAAP basis,  net income was  $251.8 million, or  $1.09  per share compared to  $201.1 million  or  $0.97  per share in the prior year. Adjusted Net Yield improved 19.8% (22.7% on a Constant Currency basis) mainly due to the Acquisition of Prestige which  occurred in the fourth quarter of 2014. On a Combined Company basis, which compares current results against the combined  results of Norwegian and Prestige in the prior year, Adjusted Net Yield increased 2.2%, (4.7% on a Constant Currency basis),  reflecting improved pricing in the quarter which was driven by strength in the  Caribbean ,  Bermuda  and  Alaska  itineraries,  partially offset by softness in certain Eastern Mediterranean itineraries. Adjusted Net Revenue in the period was  $978.2 million compared to  $694.4 million  in 2014, an increase of 40.9% primarily, as a result of the Acquisition of Prestige. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day increased 30.5% (32.1% on a Constant Currency basis), primarily  as a result of the Acquisition of Prestige, while on a Combined Company basis increased 6.4% (7.8% on a Constant Currency  basis), primarily due to the timing of marketing expenses and incremental discretionary shipboard enhancement and  maintenance costs. The Company's fuel price per metric ton, net of hedges, decreased 11.7% to  $566  from  $641  in 2014. Interest expense, net increased to  $49.8 million  from  $32.3 million  as a result of the incremental debt incurred in connection  with the Acquisition of Prestige.  The Company repurchased 83,396 shares in the quarter at an average price of  $55.94  under its three year,  $500 million  share  repurchase program which was authorized in  April 2014 . As of  September 30, 2015 ,  $413 million  remained available for  repurchases under the program.

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