Norwegian Cruise Line Q4 Adj Profit Tops View, But Revenues Miss; Guides Q1,FY14

(RTTNews) - Norwegian Cruise Line Holdings Ltd. (NCLH) said that its fourth-quarter net income attributable to the company significantly increased to $36.09 million from the prior year's $1.05 million, with earnings per share improving to $0.17 from $0.01 in the same quarter last year.

Interest expense, net decreased to $24.6 million from $47.7 million in 2012, benefitting from financial transactions.

Adjusted net income for the quarter was $40.47 million or $0.19 per share, up from $5.55 million or $0.04 per share in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly total revenue increased 19.3% to $600.35 million from last year's $503.17 million. Twelve analysts estimated revenues of $600.56 million for the quarter.

Net Revenue for the period increased 19.3% from the addition of Norwegian Breakaway to the Company's fleet and a 4.8% increase in Net Yield (4.7% on a Constant Currency basis), partially offset by a Dry-dock for Norwegian Sky.

Adjusted Net Cruise Cost excluding Fuel per Capacity Day increased 7.6% primarily due to the Dry-dock in the period and the acceleration of certain scheduled repairs and maintenance that the Company performed in the fourth quarter. Fuel price per metric ton, net of hedges, decreased 6.6% to $649 from $695.

Looking ahead for the first quarter 2014, the company expects adjusted earnings per share to be in the range of $0.20 to $0.24. It expects that Net Yield will increase 3.5% to 4.0% on both reported and Constant Currency basis. Analysts project first-quarter earnings of $0.23 per share.

For fiscal 2014, the company projects adjusted earnings per share to be between $2.20 and $2.35. Net Yield growth will be about 4% on both reported and Constant Currency basis. Analysts project annual earnings per share of $2.27.