- Strong Revenue Growth Drives Record Earnings for Fourth Quarter and Full Year 2016
*Company’s 2017 Booked Position at Historic High
* Growth Trajectory Strengthened with Recent Newbuild Order for Norwegian Cruise Line
Norwegian Cruise Line Holdings Ltd. (Nasdaq: NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Line Holdings”, “Norwegian” or the “Company,”) today reported financial results for the fourth quarter and full year ended December 31, 2016, as well as provided guidance for the first quarter and full year 2017.
Full Year 2016 Highlights
The Company generated GAAP net income of $633.1 million or EPS of $2.78 compared to $427.1 million or $1.86 in the prior year. Adjusted Net Income was $776.3 million or Adjusted EPS of $3.41 compared to $662.7 million or $2.88 in the prior year.
Total revenue increased 12.2% to $4.9 billion. Gross Yield increased 0.7%. Adjusted Net Yield increased 1.8% on a Constant Currency basis.
Fivefold growth in EPS since 2013, the year of the Company’s initial public offering.
Successful launch of Seven Seas Explorer and Oceania Cruises’ Sirena.
Norwegian Cruise Line announced 2018 newbuild, Norwegian Bliss, will be custom designed for Alaska cruising.
Regent Seven Seas Cruises placed order for second Explorer Class Ship for delivery in 2020.
Debuted Western Caribbean destination, Harvest Caye.
Received approval for all three of its award-winning brands to sail to Cuba in 2017.
Full Year 2017 Highlights
Company continues strong earnings growth track record and anticipates fourth consecutive year of double-digit EPS growth.
Excluding the benefit of Norwegian Joy, Company’s 2017 booked position at historic high with pricing slightly higher than prior year.
Renewed demand from North American guests for European voyages, with Caribbean, Alaska and Hawaii itineraries showing continued strength.
Norwegian Joy, the first purpose-built ship customized for the Chinese cruise market, will join the fleet, marking the Company’s entry into the Chinese cruise market.
Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises will sail a total of 41 voyages to Cuba in 2017.
The Company announced the next generation of newbuilds for Norwegian Cruise Line with a contract to build four 3,300 passenger ships to be delivered in 2022, 2023, 2024 and 2025 with an option for two additional ships to be delivered in 2026 and 2027.
“2016 marks another record year of earnings, continuing our track record of solid EPS growth, which has grown fivefold since 2013, the year of our initial public offering,” said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “This solid revenue and earnings trend is expected to continue in 2017 as we are now in the best booked position in our company’s history with pricing slightly above the prior year,” continued Del Rio.