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2:19 a.m. May 6, 2021 - By Tomi Kilgore
Norwegian Cruise stock drops after wider-than-expected loss, revenue missShares of Norwegian Cruise Line Holdings Ltd. fell 2.0% in premarket trading Thursday, after the cruise operator reported a wider-than-expected first-quarter loss and revenue that fell more than forecast, while cash burn was in line with forecasts and said it was preparing to return to service this summer. The net loss narrowed to $1.37 billion, or $4.16 a share, from $1.88 billion, or $8.80 a share, in the year-ago period. Excluding nonrecurring items, per-share losses widened to $2.03 from 99 cents, compared with the FactSet loss consensus of $2.02. Revenue plunged 99.8% to $3.1 million, below the FactSet consensus of $11.2 million. Monthly average cash burn was in line with the company's guidance of $190 million, and Norwegian expects second-quarter cash burn to average $190 million a month. The company said 2022 booking trends "are very positive driven by strong pent up demand," with the booked position for the first half of 2022 "meaningfully ahead" of the pre-pandemic 2019's record levels. "As for the resumption of cruises from the U.S., we continue to engage in dialogue with the U.S. Centers for Disease Control and Prevention," said Chief Executive Frank Del Rio. "Our team is working through the recently issued and modified technical guidance for which additional clarification is needed on how the incorporation of vaccine requirements impacts the Conditional Sail Order and our path forward." The stock has rallied 20.8% over the past three months through Wednesday while the S&P 500 has gained 7.2%.
3:16 a.m. April 29, 2021 - By Tomi Kilgore
Royal Caribbean stock jumps after narrower-than-expected loss, CDC notice on potential summer restartShares of Royal Caribbean Group rallied 3.0% in premarket trading Thursday, as investors cheered a narrower-than-expected first-quarter loss and that could pave the way for U.S. sailings to restart this summer. Net losses for the quarter narrowed to $1.13 billion, or $4.66 a share, from $1.44 billion, or $6.91 a share, in the year-ago period. Excluding nonrecurring items, adjusted per-share losses came to $4.44, beating the FactSet loss consensus of $4.61. Total revenue dropped 97.9% to $42.0 million, below the FactSet consensus of $43.9 million. The average monthly cash burn during the quarter was $300 million, slightly higher than expectations. "Last night, the CDC notified us of some clarifications and amplifications of their Conditional Sail Order which addressed uncertainties and concerns we had raised," said Chief Executive Richard Fain. "Although this is only part of a very complex process, it encourages us that we now see a pathway to a healthy and achievable return to service, hopefully in time for an Alaskan season." The stock has rallied 34.6% over the past three months through Wednesday, while the S&P 500 has gained 12.6%.
4:55 a.m. April 7, 2021 - By Tomi Kilgore
Carnival stock surges as Q1 losses widened to $2 billion but cash burn was less than expectedShares of Carnival Corp. jumped 4.7% in morning trading Wednesday, after the cruise operator provided a business update for the first quarter, with the net loss widening more than expected although cash burn was less than projected. The company said the net loss for the quarter swelled to $2.0 billion, after a loss of $781 million in the year-ago period and compared with the FactSet loss consensus of $1.7 billion. Meanwhile, the company said it average monthly cash burn rate for the quarter was $500 million, which was better than guidance provided in January of about $600 million. The company said it ended the first quarter with $11.5 billion in liquidity, up from $9.5 billion at the end of the fourth quarter, and said booking volumes for all futures cruises during the quarter were about 90% higher than in the fourth quarter. Carnival expects six of its nine brands to resume limited guest cruises by the summer. The business update comes a day after the company's Carnival Cruise Line said it extended the suspension of all cruises from U.S. ports through June 30, and that it given . The stock has run up 38.4% year to date, while the S&P 500 has gained 8.6%.
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