Fleet expansion helps Norwegian Cruise Line boost revenue

By Tom Stieghorst

Norwegian Cruise Line reported a net profit of $51.7 million in the first quarter, up from a $97.5 million loss a year ago.

Revenue rose 25.8%, to $664 million.

Results were helped by the addition of Norwegian Breakaway to the fleet in May 2013 and the Norwegian Getaway in January 2014.

After various special items are excluded, Norwegian said its adjusted first-quarter profit was $49.6 million, up from $12.9 million a year earlier.

Norwegian said it has authorized the buyback of up to $500 million of its stock. CEO Kevin Sheehan said the program allows Norwegian to be “flexible and opportunistic” in repurchasing shares at attractive levels.

The company completed a public offering in January 2013.