NCLH posted fourth quarter adjusted net income of $156.8m, or adjusted earnings per share of 68 cents, up from $127.7m, or 56 cents adjusted EPS, in the prior year. This was above guidance of approximately 62 cents and Wall Street's 64 cents forecast.
Total revenue was $1.25bn, up from $1.13bn. The increase was primarily attributed to the addition of Norwegian Joy, along with strong organic pricing growth across all core markets. Adjusted net yield increased 3.4% on a constant currency basis and 3.9% as reported.
GAAP net income was $98.8m, or EPS of 43 cents, compared to $72.2m, or 32 cents in the prior year.
For the full year adjusted net income was $907.7m, or adjusted EPS of $3.96, while GAAP net income was $759.9m, or EPS of $3.31. NCLH beat its full year earnings expectations, surpassing the midpoint of its initial February 2017 adjusted EPS guidance of $3.80 by 16 cents.
Full year revenue increased 10.7%, to $5.4bn. Adjusted net yield increased 5% on a constant currency basis, exceeding the company’s initial February 2017 guidance of 1.75% by 325 basis points.
'The strong, record performance we delivered in 2017 was the perfect end to a historic year as we celebrate the five-year anniversary of our initial public offering,' said Frank Del Rio, president and CEO, NCLH. 'Over the last five years we have continued our track record of consistent financial performance with a more than sixfold increase in EPS, a doubling of revenue and the expansion of adjusted ROIC to double-digit levels.'
Del Rio said the company's solid revenue and earnings performance will continue in 2018, having entered the year in the best booked position in its history with pricing above the prior year across all three brands.
First quarter adjusted EPS is expected to be approximately 52 cents, ahead of Wall Street's 47 cents prediction. Full year 2018 EPS is projected in the range of $4.45 to $4.65, compared to the consensus estimate of $4.59.
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