NCLH Q1 tops forecasts on strong pricing, lifts full-year guidanceNCLH Q1 tops forecasts on strong pricing, lifts full-year guidance

US GAAP net income was $103.2m, or 45 cents per share, compared to $61.9m, or 27 cents, in the prior year, while adjusted net income was $137.8m, or 60 cents per share, compared to $91.2m, or 40 cents, a year ago. This was higher than guidance of 52 cents and Wall Street's 54-cent consensus.

Strong organic pricing growth

Total revenue increased 12.4% to $1.3bn from $1.2bn, primarily due to strong organic pricing growth across all core markets along with an increase in capacity days thanks to the addition of Norwegian Joy, a ship custom-built for China.

Net yield was up 1% in constant currency, or 2% as reported, and is expected to increase 2.5% in constant currency for the full year or 3% as reported.

Adjusted net cruise cost excluding fuel per capacity day decreased 2.7% in constant currency and 2.1% as reported. Cost of maintenance and repairs including dry dock expenses decreased, partially offset by an increase in marketing, general and administrative expenses.

'Stellar' 2018 wave season

'The year is off to an impressive start with yet another record quarter of earnings, which exceeded expectations,' NCLH president and CEO Frank Del Rio said. He called the 2018 wave season 'stellar,' further strengthening the company's overall future booked position with load factor and pricing continuing to be well ahead of the prior year for the remaining quarters of 2018 and throughout 2019.

Full-year guidance raised to $4.55 to $4.70

Full-year EPS guidance goes to $4.55 to $4.70, up from February's $4.45 to $4.65 forecast, and compared to the $4.61 consensus.

NCLH expects second quarter earnings of approximately $1.02 per share, spot on Wall Street's projection.

Shares were down Wednesday morning after trading up before market open.

See also 'Del Rio brushes off supply, recession "chatter" but cruise shares dip'