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Norwegian Cruise Q1 results miss expectations, but liquidity is sufficient to fund operations for 18 months

7:28 am ET May 14, 2020 (MarketWatch)

Shares of Norwegian Cruise Line Holdings Ltd. (NCLH) rallied 1.5% in premarket trading Thursday, after the cruise operator reported first-quarter results that missed expectations but said it has recently raised enough liquidity ( to weather an "unlikely scenario" of over 18 months of suspended cruises ( as a result of the COVID-19 pandemic. The company swung to a net loss of $1.88 billion, or $8.80 a share from net income of $118.2 million, or 54 cents a share, in the year-ago period. Excluding non-recurring items, such as a $1.6 billion impairment charge, the adjusted per-share loss was 99 cents, missing the FactSet loss consensus of 28 cents. Revenue fell 11.2% to $1.25 billion, below the FactSet consensus of $1.28 billion. Passenger ticket revenue fell 13.6% to $840.8 million to miss the FactSet consensus of $856.8 million, while onboard and other revenue declined 5.6% to $406.1 million but beat expectations of $394.5 million. The company said that while it has experienced "significant softness" in near-term demand and an elevated rate of cancellations as a result of the coronavirus pandemic, there is demand for cruise vacations beginning in the fourth quarter and accelerating through 2021, as overall bookings and pricing for 2021 within historical ranges. The stock has plunged 80.4% over the past three months through Wednesday, while the S&P 500 has lost 16.6%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

May 14, 2020 07:28 ET (11:28 GMT)

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