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Norwegian Cruise stock jumps toward 6-month high after results beat expectation, key earnings metric turns positive

Shares of Norwegian Cruise Line Holdings Ltd. NCLH, -1.59% jumped 2.4% toward a six-month high in premarket trading Tuesday, after the cruise operator reported a narrower-than-expected third-quarter loss on revenue that rose above forecasts, and as an adjusted earnings metric reached profitability for the first time since the start of the pandemic. Net losses narrowed to $295.4 million, or 70 cents a share, from $845.9 million, or $2.29 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 64 cents beat the FactSet loss consensus of 71 cents. Revenue soared to $1.62 billion from $153.1 million, and was above the FactSet consensus of $1.59 billion, as both passenger ticket and onboard revenue topped expectations. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) was positive $28 million, and is expected to be “slightly positive” for the second half of 2022. The fourth-quarter cumulative booked position is below the same period of 2019 but at higher prices, while the cumulative booked position for 2023 equal to 2019 levels, at “significantly higher” pricing. The company expects fourth-quarter revenue of $1.4 billion to $1.5 billion, surrounding the FactSet consensus of $1.47 billion. The stock has shot up 23.2% over the past three months through Monday, while the S&P 500 SPX, +0.96% has lost 8.1%.

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