Cruise operator reports record third-quarter revenue, but stock adds to losses suffered amid a three-month losing streak
Shares of Norwegian Cruise Line Holdings Ltd. slumped Wednesday after the cruise operator topped third-quarter profit estimates but cut its full-year outlook as consumers grew cautious about sailings to the Middle East region.
The stock NCLH, -1.91% dropped 0.9% in morning trading but pared earlier losses of as much as 3.3%. The decline to start the month of November comes after the stock plunged 38.4% amid a three-month losing streak. The stock has never fallen for four straight months. Excluding nonrecurring items, adjusted earnings per share of 76 cents beat the FactSet consensus of 68 cents.
The company said it continues to experience “healthy consumer demand,” with cumulative bookings for the fourth quarter ahead of levels seen in prepandemic 2019.
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Norwegian Cruise’s stock drops toward a 6-month low after downbeat earnings outlook, amid lower-than-expected close-in demandTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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