Norwegian Cruise Line forecast third-quarter profit below estimates on Tuesday as higher costs offset its gains from pent-up demand for leisure travel and raised ticket prices, sending its shares down about 10% before the bell.
The Norwegian Pearl cruise ship is seen docked at Miami port, after Norwegian Cruise Line Holdings Ltd cancelled sailings amid rising fears of Omicron-related coronavirus infections, in Miami, Florida, U.S. January 5, 2022. REUTERS/Marco Bello/File photoforecast third-quarter profit below estimates on Tuesday as higher costs offset its gains from pent-up demand for leisure travel and raised ticket prices, sending its shares down about 10% before the bell.
Cruise operators have been wrestling with higher borrowing costs as well as elevated costs associated with food, raw materials, fuel, a stronger U.S. dollar and labor due to the pandemic, which are now exacerbated by the Russia-Ukraine war. Despite undertaking price hikes, higher costs and spiraling marketing expenses have eroded the benefits of a recent resurgence in demand from affluent customers.
Norwegian's total cruise operating expenses were up 29% at $1.38 billion in the quarter ended June 30.
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