Norwegian Cruise Line Holdings Ltd. (NCLH) has reported an 88.54 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $72.23 million, or $0.32 a share in the quarter, compared with $38.31 million, or $0.17 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $127.71 million, or $0.56 a share compared with $117.29 million or $0.51 a share, a year ago.
Revenue during the quarter grew 8.55 percent to $1,125.14 million from $1,036.52 million in the previous year period. Gross margin for the quarter expanded 168 basis points over the previous year period to 38.22 percent. Total expenses were 86.35 percent of quarterly revenues, down from 88.62 percent for the same period last year. This has led to an improvement of 227 basis points in operating margin to 13.65 percent.
Operating income for the quarter was $153.55 million, compared with $117.92 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $293.12 million compared with $268.48 million in the prior year period. At the same time, adjusted EBITDA margin improved 15 basis points in the quarter to 26.05 percent from 25.90 percent in the last year period.
"2016 marks another record year of earnings, continuing our track record of solid EPS growth, which has grown fivefold since 2013, the year of our initial public offering," said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. "This solid revenue and earnings trend is expected to continue in 2017 as we are now in the best booked position in our company's history with pricing slightly above the prior year," continued Del Rio.
For the first-quarter 2017. On an adjusted basis, Norwegian Cruise Line Holdings Ltd. expects diluted earnings per share to be $0.36.
For financial year 2017, Norwegian Cruise Line Holdings Ltd. forecasts diluted earnings per share to be in the range of $3.75 to $3.85 on adjusted basis.
Operating cash flow improves
Norwegian Cruise Line Holdings Ltd. has generated cash of $1,239.67 million from operating activities during the year, up 18.95 percent or $197.49 million, when compared with the last year. The company has spent $1,128.91 million cash to meet investing activities during the year as against cash outgo of $1,206.25 million in the last year.
The company has spent $98.34 million cash to carry out financing activities during the year as against cash inflow of $195.19 million in the last year period.
Cash and cash equivalents stood at $128.35 million as on Dec. 31, 2016, up 10.70 percent or $12.41 million from $115.94 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Norwegian Cruise Line Holdings Ltd. was negative $1,901.73 million on Dec. 31, 2016 compared with negative $2,026.11 million on Dec. 31, 2015. Current ratio was at 0.18 as on Dec. 31, 2016, up from 0.14 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 4 days for the quarter from 3 days for the last year period. Days sales outstanding were almost stable at 3 days for the quarter, when compared with the last year period.
Days inventory outstanding was almost stable at 4 days for the quarter, when compared with the last year period. At the same time, days payable outstanding was almost stable at 3 days for the quarter, when compared with the previous year period.
Debt remains almost stable
Total debt of Norwegian Cruise Line Holdings Ltd. remained almost stable for the quarter at $6,398.69 million, when compared with the last year period. Total debt was 49.32 percent of total assets as on Dec. 31, 2016, compared with 52.16 percent on Dec. 31, 2015. Debt to equity ratio was at 1.41 as on Dec. 31, 2016, down from 1.69 as on Dec. 31, 2015.
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