NCLH reports record Q3 revenue fuelled by ‘exceptional’ demand
Norwegian Cruise Line Holdings (NCLH) has generated a record total revenue of £2.8 billion during Q3, thanks to “robust” demand and a “relentless focus” on cost control and margin enhancement
The company saw an 11 per cent increase in total revenues in the three months to 30 September compared to the same period in 2023, with net income nearing $475 million, a 37 per cent increase on last year.
NCLH, which owns Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, is seeing the majority of new bookings now being made for voyages in 2025 and beyond.
As a result of ongoing demand, the company reported that it remains at the upper range of its optimal booked position on a 12-month forward basis, with occupancy reaching 108.1 per cent for the third quarter of 2024, in line with guidance.
Full year 2024 occupancy is expected to average approximately 105 per cent with the company’s advance ticket sales balance, including the long-term portion, ending the third quarter of 2024 at $3.3 billion, a quarterly record high and approximately 6 per cent higher than the same period in 2023.
“Our exceptional third quarter results, with record revenue, net income and Adjusted EBITDA, surpassed guidance across all key metrics, underscoring the strength of our business, the attractiveness of our product offering across all brands and the superior execution and delivery by our teams both shoreside and shipboard,” said Harry Sommer, president and chief executive officer of NCLH.
“Fuelled by robust demand and our relentless focus on cost control and margin enhancement, we’re raising our full-year guidance for a fourth time and expect 2024 to be our best year for revenue, Net Yield growth and Adjusted EBITDA.”
The company now projects Adjusted EBITDA, a measure of profit, to be $225 million above its initial guidance, growing 30 per cent year-on-year.
The results come after rival cruise conglomerate Royal Caribbean Group (RCG) reported an “exceptional” third quarter with robust consumer demand for holiday experiences helping the organisation achieve a strong forward booked position.
