Norwegian Cruise Line Holdings cut its full-year adjusted earnings target to $1.50 per share, down from a prior forecast of $1.45 to $1.79. The cruise operator reported second-quarter revenue of $2.6 billion, a 4.9% year-over-year increase, but net yield declined 2.6% on a constant-currency basis. Adjusted EBITDA fell 4.1% to $666 million, and adjusted earnings per share dropped 6.6% to $0.48. Management cited pressure from Middle East conflict, operational issues, and higher fuel costs, and is implementing a cost-reduction program targeting $100 million in annual savings. CEO John Chidsey said the company is still in the early stages of its turnaround.
Norwegian Cruise Line Holdings LtdCut full-year earnings guidance and reported lower Q2 earnings/EBITDA.