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Spectators watch the Norwegian ENCORE cruise ship cross the Ems River near Emden, Germany, in 2019.
AFP / Getty Images
The shares of Norwegian Cruise Line Holdings Ltd. fell during the extended session on Monday after the cruise line reported worse-than-feared third-quarter losses and sales that fell to millions of dollars rather than billions.
Norwegian NCLH,
said it lost $ 677.4 million, or $ 2.50 per share, in the quarter, contrasting with earnings of $ 450.6 million, or $ 2.09 per share, in the year quarter latest.
Adjusted for one-off items, Norwegian recorded a loss of $ 638.7 million, or $ 2.35 per share, compared to profit of $ 481.5 million, or $ 2.23 per share, a year ago .
Revenue fell to $ 6.5 million from $ 1.9 billion a year ago “due to the complete suspension of travel in the quarter,” Norwegian said.
Analysts polled by FactSet had expected Norwegian to report an adjusted loss of $ 2.25 per share on sales of $ 10.6 million.
Demand for future cruises continues, particularly for departures in the second half of 2021 and beyond, Norwegian said in a statement. The company has also highlighted “pent-up” demand for its cruises.
Reservations for the first half of the year, however, remain “below the historical ranges expected due to the current uncertainty”. Prices for the full year 2021 are in line with pre-pandemic levels, even after including the dilutive impact of future cruise credits, the company said.
As of September 30, Norwegian had $ 1.2 billion in advance ticket sales, including the long-term portion of advance ticket sales, which includes approximately $ 850 million in future cruise credits, did he declare.
Norwegian stocks have lost 63% so far this year, contrasting with gains of around 10% for the S&P 500 SPX index,
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