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Norwegian Cruise Line CEO: Good times won't be ending anytime soon

Brian Sozzi
·Executive Editor
Updated

If there is a mild U.S. recession lurking in the weeds, it can’t be seen in the numbers at cruise line operator Norwegian Cruise Line (NCLH).

The owner of the Norwegian, Oceania Cruises and Regent Seven Seas brands saw third quarter earnings pop to $2.27 a share from $1.86 a year ago. Earnings outpaced the company’s guidance by 7 cents as cruise goers spent more on board and were willing to pay a greater amount for a ticket. Total sales rose 12.5% from the prior year to $1.90 billion.

Norwegian didn’t stop there, however. Executives lifted the top end of their full year profit outlook. And they disclosed that ships were already 65% booked for 2019 at higher prices.

The strength in bookings has continued, Norwegian Cruise Line CEO Frank Del Rio told Yahoo Finance.

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“Demand is great, folks are feeling very good about their situation and they are booking cruises — they are spending a lot of money on board. We will turn the year the best booked we have ever been across our three brands and at higher prices,” Del Rio said.

Despite the momentum into 2019 and plunge in fuel prices, Norwegian shares are down 14% year to date. The S&P 500 has notched a 2% drop. That has Del Rio fired up so to speak.

“It’s a matter of time before the investment community realizes the strength not only of my company and the industry in general — I don’t see the good times ending anytime soon.”

The cruise line industry is estimated to have 30 million travelers in 2019, up a solid 6% from 2018, according to a new report from the Cruise Lines International Association.

Brian Sozzi is an editor-at-large at Yahoo Finance. Follow him on Twitter @BrianSozzi

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