Tour revenues increased 10% to $76.7m. This was driven by growth of $5.4m at the Lindblad segment and a $1.8m increase at tour operator Natural Habitat.
Net yield rises to $1,030
The Lindblad segment's stronger performance reflects a 6% increase in available guest nights, mostly from the launch of National Geographic Venture in December 2018, and a 3% increase in net yield. Net yield rose to $1,030 from $1,002 due primarily to higher pricing and changes in itineraries. This was partially offset by a slight (1%) decline in occupancy to 89%.
The $0.9m net income improvement includes $0.5m in foreign currency gains, compared to $1.1m in foreign currency losses, in Q2 2018. These increases were partially offset by a $1.2m increase in depreciation and amortization mainly due to National Geographic Venture's addition.
Adding National Geographic Quest and National Geographic Venture over the past two years has substantially increased available berths, while the growing demand for 'authentic expedition travel, along with a diverse base of loyal guests, has enabled us to fill this new inventory at healthy price points,' said Sven-Olof Lindblad, president and CEO.
'We are still in the early days of our expansion plans,' he added, 'and with strong demand across our growing fleet, including robust early bookings for our two new polar vessels scheduled for delivery in 2020 and 2021, we are poised to build on our sustained momentum in the years ahead.'
Full-year outlook
The company currently expects full-year 2019 tour revenues in the range of $350m to $358m, a 13% to 16% increase from 2018, and adjusted EBITDA of $67m to $70m, 22% to 28% higher.
As of July 30, Lindblad segment bookings for travel during 2019 have increased 10% compared with bookings for 2018 on the same date a year ago. Additionally, the Lindblad segment had 99% of full year 2019 projected ticket revenues on the books versus 99% at the same time last year.
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