initial public offerings (IPOs) trading on American exchanges

Tuesday, May 10, 2016

Norwegian Cruise Line (NCLH) reported earnings on Tue 10 May 2016 (b/o)

** charts before earnings **


** charts after earnings **

Norwegian Cruise Line beats by $0.01, misses on revs; guides Q2 EPS below consensus; reaffirms FY16 EPS guidance :
  • Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.37; revenues rose 14.9% year/year to $1.08 bln vs the $1.1 bln Capital IQ Consensus.
  • The Company's current booked position for 2016 is on par with prior year's record levels and at higher prices. Strength in the Caribbean, Alaska, Hawaii, and other North American markets is offsetting softness in European itineraries.
  • Constant Currency Adjusted Net Yield increased 3.6% (2.5% as reported), driven primarily by solid demand in the Caribbean and strong onboard revenue. Gross Yield increased 2.4%.
  • First half of 2017 booking trends remain strong at higher prices.
  • Company remains confident in reaching previously stated targets of double-digit Adjusted ROIC in 2016, growing to 14% by 2018, and $5.00 Adjusted EPS in 2017.
  • Co issues downside guidance for Q2, sees EPS of $0.80-0.85, excluding non-recurring items, vs. $0.97 Capital IQ Consensus; adj. net yield 1.5%.
  • Co reaffirms guidance for FY16, sees EPS of $3.65-3.85, excluding non-recurring items, vs. $3.78 Capital IQ Consensus; adj. net yield 3.5%.
  • "Continued strong demand in the Caribbean, Alaska, Bermuda, and Hawaii is offsetting softness in Europe which comes mainly as a result of lower demand from North American consumers," said Wendy Beck, executive vice president and chief financial officer of Norwegian Cruise Line Holdings. "While this softness is tempering yield growth mainly in the second quarter, strong bookings and pricing in other core markets, as well as the addition of Seven Seas Explorer to our fleet, are contributing to strong yield performance in the back half of the year, keeping us on track to deliver expected earnings growth of approximately 30%."

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