Norwegian posts $21.5M loss in 1st Q
Earnings hit by acquisition costs
Norwegian Cruise Line Holdings on Thursday reported a loss in the first quarter mostly due to costs of absorbing Prestige Cruise Holdings, which it acquired late last year.
The Miami-based cruise company posted a net loss of $21.5 million, or 10 cents per share, compared with a profit of $51.6 million, or 25 cents a share, during the same period in 2014. A company news release attributed the loss to acquisition and integration costs related to the Prestige purchase.
Revenue in the quarter rose to $938 million, up from $664 million from a year ago.
Adjusted net income, which excluded certain supplemental charges, was $62.6 million, or 27 cents a share, versus $49.5 million and 23 cents for the same period in 2014.
Adjusted earnings per share of 27 cents beat analysts’ forecasts. However, revenue fell below expectations, according to Zacks Equity Research.
Norwegian officials deemed it good quarter.
“I am pleased to report strong earnings out of the gate for our first full quarter of operations following the combination of Norwegian and Prestige late last year,” said Frank Del Rio, the cruise company’s president and CEO, in an earnings statement. “These results are even more impressive as they come against strong comparables in the prior year, particularly for the Norwegian brand, and headwinds from foreign currency exchange rates,” Del Rio said.
Norwegian Cruise Line Holdings cruise brands now include Norwegian Cruise Line, and Oceania Cruises and Regent Seven Seas Cruises.
With the integration of Norwegian and Prestige operations