Norwegian Cruise Line reports financial results for Q4 and full year 2015
Norwegian Cruise Line Holdings Ltd. today reported financial results for the fourth quarter and full year ended December 31, 2015, as well as provided guidance for the first quarter and full year 2016.
Fourth Quarter 2015 Highlights
Adjusted EPS growth of 42% to $0.51 on Adjusted Net Income of $117.3 million.
Constant Currency Adjusted Net Yield on a Combined Company basis increased 7.4% (5.9% as reported), driven primarily by strong growth in pricing from same fleet operations as well as a partial quarter benefit from the addition of Norwegian Escape. Adjusted Net Yield on a Constant Currency basis increased 16.9% (15.2% as reported).
Thirtieth consecutive quarter of Adjusted EBITDA growth.
Approximately $100 million, or 1.7 million shares repurchased during the quarter under previously authorized three-year, $500 million share repurchase program.
Inclusion in the NASDAQ-100 Index.
Full Year 2015 Highlights
Adjusted EPS growth of 27% to $2.88 on Adjusted Net Income of $662.7 million.
Revenue increase of 39.0% to $4.3 billion compared to $3.1 billion in 2014.
Increase in Constant Currency Adjusted Net Yield on a Combined Company basis of 3.7% (2.0%, as reported), driven primarily by strong pricing performance from same fleet operations. Adjusted Net Yield increased 20.0% on a Constant Currency basis (18.0% as reported).
Company's Adjusted Return on Invested Capital of 9% surpasses Weighted Average Cost of Capital.
Successful launch of the Company's largest ship to date, Norwegian Escape.
Announcement of customized newbuild dedicated to the China market to launch in mid-2017.
Full Year 2016 Targets and Highlights
Strong booked position continues into Wave season with encouraging early trends for 2017.
Strength in the Caribbean, Alaska and Bermuda markets more than offset softness in Mediterranean itineraries.
Anticipated strong earnings growth with Adjusted EPS projected to increase approximately 30% resulting in a four-year compounded annual growth rate of approximately 40%.
Adjusted Net Yield expected to increase approximately 4% on a Constant Currency basis, 3.5% as reported.
Adjusted ROIC projected to reach double digits in 2016 and on pace to reach target of 14% in 2018, doubling the metric from the time of the Company's initial public offering in 2013.
Revenue expected to double from the time of the Company's initial public offering to $5.0 billion.
