Norwegian Cruise Line Holdings' performance was so strong in Q3 that the company broke another quarterly record and raised its full-year expectations for the fourth time this year.
The company, which includes Norwegian Cruise Line, Oceania and Regent Seven Seas Cruises, reported $2.8 billion in quarterly revenue in Q3, an 11% increase from the same period last year. Net income for the quarter was $474.9 million, a 37% increase from the same period in 2023.
Capacity has grown by 4% year-over-year.
The company said its performance was driven by strong revenue growth and continued execution on cost-cutting. It increased its full-year guidance on net yield and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).
CEO Harry Sommer said he expects 2024 to be the NCLH's best year for revenue, net yield growth and adjusted EBITDA.
"For our third straight quarter, we achieved the highest quarterly gross revenue and adjusted EBITDA in our company's history," Sommer said.
NCLH is the third of the Big Three cruise companies to report continued strength this year, with Carnival Corp. and Royal Caribbean Group also reporting strong quarters.
NCLH said the majority of its new bookings are now focused on cruises in 2025 and later. It is in the upper range of its optimal booked position on a 12-month forward basis. Occupancy clocked in at 108.1% for Q3, with full-year occupancy expected to come in at 105%.
The company's quarterly ticket sales balance was $3.3 billion, which was another quarterly high for NCLH and about 6% higher than the same time last year.