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Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) reported mixed first quarter 2026 results on May 4, 2026, beating profit expectations but missing on revenue and cutting its full-year outlook, sending its shares about 8% lower on Monday.
The cruise operator posted adjusted earnings per share (EPS) of $0.23, well above analyst expectations of $0.15.
Revenue for the quarter increased 10% to $2.33 billion, but slightly missed consensus estimates of about $2.35 billion.
“We delivered strong first quarter results, and more importantly we have already begun taking decisive actions to strengthen execution and accountability across the company, which will enhance results over the longer term,” Norwegian CEO John Chidsey said.
The company lowered its full-year 2026 guidance, citing booking softness and geopolitical disruptions, including tensions in the Middle East that have increased fuel costs and weighed on demand, particularly for European itineraries.
Norwegian also said it entered the year behind its targeted booking curve, limiting its ability to recover pricing momentum.
For the full year, the company now expects adjusted EPS of $1.45 to $1.79, down from prior expectations, with adjusted EBITDA projected between $2.48 billion and $2.64 billion.
Net yield is expected to decline 3% to 5% year-over-year on a constant currency basis.
Adjusted operational EBITDA margin is forecast at 32.9% to 34.3%, while adjusted net cruise costs excluding fuel are expected to be roughly flat, supported by workforce optimization and SG&A savings initiatives.
Norwegian said it has implemented cost-saving measures expected to generate about $125 million in annualized run-rate savings.
“I remain confident and encouraged that we are building a leaner, more effective and nimble organization that positions NCLH for sustainable long-term value creation,” Chidsey concluded.