Shares of Norway Cruise Line Holdings Ltd. fell in an extended session on Monday, dropping millions of dollars on billions after shipping operator reported third-quarter losses and worse than sales.
It lost $ 677.4 million, or $ 2.50 a share, in the quarter, up from $ 450.6 million or $ 2.09 a share in the previous year’s quarter.
Once adjusted for the commodity, Norway reported a loss of $ 638.7 million, or $ 2.35 per share, up from $ 481.5 million a year ago or $ 2.23.
Revenue fell to $ 6.5 million from $ 1.9 billion a year ago, “because of a complete shutdown of trips in the quarter,” Norway said.
Factset analysts say Norway’s share of $ 10.6 million in sales corrected a loss of $ 2.25 million.
Demand for future trips continues, especially for departures in the second half of 2021 and beyond, Norway said in a statement. The company also highlights the need to “bend up” for its travels.
However, bookings for the first half of the year were “below historical limits as expected due to the current uncertain environment.” The company said prices for the full year 2021 are still in line with pre-epidemic levels, even after covering the dilute impact of future travel loans.
Shares of Norway have lost 63% so far this year, surpassing the S&P 500 Index SPX.
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