Norwegian company
NORWEGIAN CRUISE
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reports a loss of $1.04 per share in the fourth quarter of 2022, thus missing analysts’ forecast for a loss of 86 cents per share. In contrast, the company’s sales jumped by more than 225% to 1.57 billion dollars, thus surpassing the forecasts of 1.5 billion dollars. Apparently what helped the company in increasing sales is strong pricing and increased sales on the ship.
The company forecasts a loss of 45 cents per share in the next quarter, and a profit per share in 2023 of 70 cents. In both cases it missed analysts’ expectations, who expected a loss of 35 cents per share in the first quarter and an annual profit of $1.04 per share.
In terms of the company’s indices for business activity, encouraging data appeared, the sales index per customer, an index used by the company to understand what the sales per customer are per day, increased by 23%, thereby surpassing the company’s own expectations. Order volumes have also increased over the past few months, an increase driven by the “wave season”, a term describing the period between the winter holidays and the end of March, when special offers are offered.
In addition, the company added that it expects the ship’s occupancy to return to historic levels during the spring, along with an expectation that it will issue more cruises than it did during 2019, with an occupancy of 19% more than that year, which will be possible due to new ships joining.
The company’s president, Frank Del Rio, said when the reports were released: “2022 was an eventful year, including successfully completing our nearly year-long turnaround and receiving our state-of-the-art ship Norwegian Prima, along with achieving several key goals in our post-pandemic recovery plan “.
Norigen is the third largest cruise company in the world, with headquarters in Miami and approximately 34,700 employees, in addition to a huge fleet of 29 ships. Among its main competitors are Royal Caribbean and Carnival. Before the corona epidemic, the company traveled to more than 500 destinations. Let’s recall that the cruise sector went through quite a shakeup during the Corona period and as a result the cruise companies suffered large losses from which they are still trying to recover – the company’s stock is still 75% away from where it was before the outbreak of the Corona virus. The company’s value has increased since the beginning of the year by about 54% and it is traded at a market value of 6.12 billion dollars, with a future earnings multiple of 450.
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