Norwegian's Yields Rise Faster Than Costs in 1Q, Leading to Full-Year EPS Lift; Shares Undervalued
Narrow-moat Norwegian Cruise Line's first-quarter adjusted earnings per share result of $0.83 outpaced our estimate by about $0.15, with as-reported yield growth of 3.2% pacing 100 basis points ahead of our outlook and net cruise costs excluding fuel higher than we anticipated at 2.9%, also about 100 basis points higher than our estimate (the company forecast included 2% growth for yields and costs ex-fuel on an as-reported basis). This shouldn’t significantly change our 2019 outlook, however, w...
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