Published Nov 01, 2023 07:44AM ET Updated Nov 01, 2023 08:32AM ET
© Reuters. FILE PHOTO: A view shows the Norwegian mega cruise ship ‘Viking Venus’ docked in front of Old Town of Kotor, Montenegro July 17, 2021. REUTERS/Stevo Vasiljevic/File Photo
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(Reuters) -Norwegian Cruise Line Holdings trimmed its annual profit forecast on Wednesday, as elevated fuel costs offset gains from higher ticket prices and resilient demand for cruises that are cheaper than land-based vacations.
Higher expenses linked to food, fuel, raw materials and labor as well as a stronger U.S. dollar have continued to strain profits of cruise operators, which are now also expecting an impact from the Israel-Hamas war that started on Oct. 7.
“We are prudently moderating short term expectations and keeping a close eye on rapidly evolving global macroeconomic and geopolitical events,” said Norwegian Cruise Line (NYSE: ) Holdings CEO Harry Sommer.
The company said it had cancelled and redirected all trips to Israel and to the surrounding region for the remainder of 2023, and was also in the process of cancelling all trips to Israel in 2024, due to the ongoing military conflict.
Reuters reported on Tuesday that Oceania Cruises, a unit of cruise operator Norwegian, was making changes to its 2024 itineraries, canceling stops in Israel.
The company expects a full-year adjusted profit of 73 cents per share, compared with 80 cents it forecast previously.
It also said it expects a fourth-quarter adjusted loss of 15 cents per share, compared with analysts’ average estimate of a break even, according to LSEG data.
Shares of the company fell nearly 3% in premarket trading.
Rival Carnival (NYSE: ) has also projected a wider-than-expected fourth-quarter loss, hurt by higher fuel prices and unfavorable currency exchange rates.
Norwegian Cruise Line’s third-quarter revenue of $2.54 billion narrowly beat analysts’ expectations.
Norwegian Cruise trims annual profit forecast as higher fuel costs pinch
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