Norwegian Cruise Line Holdings Reports Strong Financial Results For Eventful 2014
Norwegian Cruise Line Holdings Ltd. has reported strong financial results for 2014, a year of significant change and growth for the company.
Full year 2014 highlights included:
Acquisition of Prestige Cruise Holdings, parent company of Oceania Cruises and Regent Seven Seas Cruises
Adjusted Net Yield increase of 4.8%
Revenue increase of 21.6% to $3.1 billion
Adjusted EPS improvement of 61.0%
Introduction of Norwegian Getaway, Norwegian Cruise Line’s 1st year round, MIA-based ship in over a decade
“Looking back at our accomplishments over the past year, it is clear that 2014 will be remembered as one of solid growth and game-changing expansion for the company,” said Frank Del Rio, President & Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. “Strong results are a testament to the hard work and dedication of our team members who, despite operating in a challenging environment, kept a keen eye on optimizing pricing and managing expenses while delivering exceptional vacation experiences to our guests.”
Del Rio says the future for NCLH is bright. “Looking ahead, the acquisition of Prestige has created the cruise industry’s most dynamic and diversified operator, one that is well-positioned to realize meaningful synergies and deliver superior results.”
NCLH reported Adjusted Net Income of $480.6 million, which excludes expenses related to the Prestige acquisition among other items. A 25.5% improvement in Adjusted Net Revenue to $2.4 billion was driven by a 19.8% increase in Capacity Days coupled with a 4.8% improvement in Adjusted Net Yield.
The increase in Capacity Days was primarily a result of the addition of Norwegian Breakaway and Getaway, which entered the Norwegian Cruise Line fleet in April 2013 and January 2014, respectively, and the addition of Capacity Days from the Prestige fleet.
Del Rio says the outlook for 2015 is also positive. “Until recently, our booked revenue had been on par with prior year; however, the last 3 weeks of this Wave season has seen a significant acceleration in booking volume. Norwegian Escape is in a better booked position than her last 2 predecessor sister ships, Norwegian Breakaway and Getaway, and Seven Seas Explorer has set both single day and single week booking records at the Regent brand,” said Del Rio.
“At year end, and as of today, the company has more booked revenue and the highest net yields on future sailings than ever before, including full year 2015 and 2016,” Del Rio added.