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Norwegian Cruise Line Posts Wider-than-expected Loss And Misses Revenue Target

Dow Jones2022-08-09

Norwegian Cruise Line Holdings Ltd. $(NCLH)$ fell 8.8% in premarket trades Tuesday after it warned it'll post a third-quarter loss and fall short of revenue targets.

The company said its second-quarter loss narrowed to $509.3 million, or $1.22 a share, from a loss of $717.8 million, or $1.94 a share, in the year-ago quarter. Adjusted loss was $1.14 a share in the latest quarter.

Revenue increased to $1.19 billion from $4.37 million. Wall Street analysts expected Norwegian Cruise Line Holdings to lose 88 cents a share on revenue of $1.26 billion, according to FactSet estimates.

The company expects third-quarter revenue of $1.5 billion to $1.6 billion, below the Wall Street analyst estimate of $1.88 billion. It also expects to report a third-quarter loss.

"As a result of the COVID-19 pandemic, the effects of the Russia-Ukraine conflict and current macroeconomic conditions, while the company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with certainty, it will report a net loss," Norwegian Cruise Line said. The company said in May it became the first major cruise operator to complete the relaunch of its entire fleet with all ships in operation. Second-quarter occupancy totaled 65%, in line with its target, the company said.

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