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Norwegian Cruise Line: Ticket and Onboard Up for Q3, Offset by Costs

Norwegian Cruise Line Holdings (NCLH) reported a net loss of $295.4 million on revenues of $1.6 billion for the third quarter ended Sept. 30, 2022; compared to net income of $450.6 million on revenues of $1.9 billion for the third quarter of 2019, the last “normal” year.

Ticket revenue per passenger day was $277.69 in 2022 up from $254.99 in 2019, and onboard revenue per passenger was $127.95 this year, up from $100.24 in 2019.

Increased revenues, however, were offset by increased total operating costs: $311.08 per passenger cruise day in the third quarter of this year compared to $183.89 for the same period in 2019. The biggest cost drivers were fuel, which nearly doubled, and food costs, which were also up, as well as so-called “other” expenses.

Marketing and administrative costs were also up significantly as were interest expenses.

Commenting on the cost picture, Mark Kemp, CFO and senior vice president, said the company is taking actions to right-size costs and noted that will settle as the inflation situation will not last. He noted that the cost for certain food categories were already trending down.

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