Norwegian Cruise Line delivered its 25th consecutive quarter of profit growth in the peak summer period.
The line, which expects to complete the takeover of Oceania Cruses and Regent Seven Seas Cruises parent Prestige Cruises International for more than $3 billion by the end of the year, saw profits rise by 20.5% to $326.7 million in the three months to September 30.
Net revenue in the period increased 16.5% to $694.4 million driven by a 13.1% increase in capacity days from the addition of new 4,000-passenger ship Norwegian Getaway and a 3% improvement in net yield.
The company’s next new ship, the 4,200-passenger Norwegian Escape is on track for an on-time delivery in a year’s time. It is one of four vessels on order for delivery in autumn 2015, spring 2017, spring 2018 and autumn 2019 to add to the existing 13-strong fleet.
President and chief executive, Kevin Sheehan, said: “Our results this quarter mark an important milestone in Norwegian’s evolution as we report growth in trailing 12-month adjusted EBITDA for the 25th consecutive quarter coupled with our consistent margin improvement.
“In that more than six year period, Norwegian’s adjusted EBITDA has grown at an industry-leading compound annual growth rate of 23% with a commensurate margin expansion of over 1,600 basis points to 27.6%, with future expansion expected as we continue to successfully execute on our strategies.”
He added: “We are confident that we will achieve our target of over 60% growth in full year adjusted EPS [earnings per share] that we established at the beginning of the year.
“This achievement will once again demonstrate our resilience and ability to deliver consistent financial performance despite the external headwinds that occurred throughout the year.”