Norwegian Cruise Line hails 'seminal year' as profits surge

Norwegian Cruise Line’s president and chief executive said he was pleased with a “solid” performance during what had been a challenging year for the industry

The line reported fourth quarter profit of 19 cents per share and a 13.4% improvement in net revenue for the full year due to the addition of Norwegian Breakaway to the fleet.

Although net yields for the year were up 4.3% due to higher ticket prices and onboard spend, the figure was offset by three incremental scheduled dry docks.

President Kevin Sheehan said: “A year that began with a highly successful initial public offering, followed by other transactions which resulted in a strong balance sheet and credit metrics, and the launch of the first ship in our Breakaway class, Norwegian Breakaway, will undoubtedly be remembered as one of the seminal years in Norwegian’s 47-year history.

“The hard work of 25,000 Norwegian team members, all with a keen focus on our vision and mission, has been the catalyst for reaching these milestones, reporting solid financial performance in a challenging year for the industry and positioning the company for measured, disciplined growth.”

For the full year, the company reported adjusted earnings per share of $1.41, an increase of 45% from 2012 when the EPS was $0.97. Adjusted net income for the year was $295.8 million compared to $173 million last year.

At the beginning of this year the line took delivery of its latest ship in the fleet, Norwegian Getaway. Construction is ongoing on new builds Norwegian Escape and Norwegian Bliss, scheduled for delivery in 2015 and 2017 respectively.