Miami, FL – Norwegian Cruise Line Holdings, based in Miami, Florida, reported its performance for the fourth quarter of 2023 compared to estimates from financial analytics firm LSEG.
In the last quarter of 2023, Norwegian Cruise Line reported a net loss of $106.5 million, marking an improvement from a loss of $482.5 million in the same period the previous year. The company’s loss per share decreased to 25 cents from $1.14 in the prior year, with an adjusted loss per share of 18 cents.
Throughout the year, Norwegian experienced 102.9% occupancy, with total revenue per passenger per day increasing by 17% from pre-pandemic levels. The company faced challenges with cruises through the Middle East, which were canceled due to ongoing violence in Gaza. Despite these cancellations, Norwegian Cruise Line maintained a 99.2% occupancy rate in the fourth quarter.
CEO Harry Sommer expressed optimism about the company’s performance in 2023, highlighting the delivery of three new ships as a significant achievement for the 57-year-old company. He emphasized the company’s commitment to innovation and providing exceptional vacation experiences for guests.
Looking ahead to 2024, Norwegian Cruise Line anticipates an adjusted profit of approximately $635 million, or $1.23 per share, with an occupancy rate of around 105%. This outlook exceeded analyst expectations, with LSEG forecasting earnings per share of $1.21 for 2024.
Following Norwegian’s positive earnings report, shares of other cruise companies, such as Royal Caribbean Cruises and Carnival Corp., also experienced an uptick in the market on Tuesday morning. This suggests a broader trend of recovery and growth within the cruise industry.