Cruise Line Company Norwegian Reports Strong Fourth Quarter and Full Year 2024
Norwegian Cruise Line Holdings recently shared its robust financial results for the fourth quarter and full year of 2024, showcasing significant growth and success. Their total revenue for 2024 reached a record $9.5 billion, marking an impressive 11% increase from the previous year, despite a 3% rise in capacity. The company reported GAAP net income of $910.3 million, a substantial 448% rise from 2023, with earnings per share (EPS) also soaring by 386% to $1.89.
Moreover, Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for 2024 surged by 32%, reaching a record $2.45 billion. This strong financial performance was attributed to a combination of strategic initiatives and operational efficiencies. The company’s total debt stood at $13.1 billion, while Net Leverage decreased to 5.3x by the end of 2024 compared to the previous year. These achievements were driven by the company’s dedicated team of over 41,000 employees, both onshore and onboard their ships.
Looking ahead to 2025, Norwegian Cruise Line Holdings has set optimistic targets, with an expected Adjusted EBITDA of approximately $2.72 billion, signifying an 11.0% increase from 2024. Adjusted Net Income for 2025 is projected to reach around $1.07 billion, factoring in challenges from foreign exchange fluctuations and fuel expenses. Adjusted EPS is anticipated to be approximately $2.05, further solidifying the company’s trajectory towards its Charting the Course 2026 targets.
In addition to financial triumphs, Norwegian Cruise Line Holdings achieved several operational milestones in 2024. The company’s Gross Margin per Capacity Day rose by 23% compared to 2023, while Net Yield growth hit record levels, increasing by about 9.9% year-over-year. This remarkable performance was driven by strong demand and favorable pricing across its deployment areas. The company’s continued focus on enhancing margins led to significant cost reductions, with Adjusted Net Cruise Cost excluding Fuel per Capacity Day standing at approximately $160 for the year.
In terms of the fourth quarter of 2024 specifically, Norwegian Cruise Line Holdings saw total revenue of $2.1 billion, a 6% rise from the same period in 2023 despite a 1% decrease in capacity. GAAP net income for the quarter reached $254.5 million, a $361.0 million surge from the previous year. Adjusted EBITDA for the quarter also experienced substantial growth, reaching a record high of $468.2 million, representing a 30% increase year-over-year.
The company’s strong financial performance in 2024 positions them well for future growth and success. With a clear strategic vision and a commitment to operational excellence, Norwegian Cruise Line Holdings continues on its path towards achieving its stated goals and objectives.