Norwegian Cruise Line’s profit rises 19%

By Jerry Limone
“Discipline and rigor” helped Norwegian Cruise Line record a 19% increase in third-quarter net income despite difficulties in Europe, said CEO Kevin Sheehan.

Net income was $128.2 million on revenue of $674.4 million, up from net income of $107.5 million on revenue of $666.6 million a year earlier.

Net yield increased 1% (2.6% excluding currency effects) due to increases in ticket prices and onboard spending, Norwegian said.

Net cruise cost per capacity day decreased 3.3% (2.1% excluding currency effects), reflecting lower ship-operating expenses, timing of repair and maintenance expense, and efficiencies from business-improvement initiatives, the company said.

"Posting these great results, despite the challenging economic environment in Europe where we had a record deployment, is a testament to the discipline and rigor instilled at Norwegian to continuously improve quarter after quarter," Sheehan said.

"Our results reflect strategic pricing programs, benefits from process improvements and other enhancement initiatives which resulted in a 9% improvement in operating income.”
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