Norwegian Cruise misses revenue estimates on occupancy constraints

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Shares in the company fell nearly 3% in premarket trading.

The industry looks to cruise towards full occupancy after the pandemic brought it to a near 18-month standstill, but self-imposed constraints as well as onboard COVID-19 cases, labor shortages and volatile demand stand in the way.

Norwegian Cruise’s total revenue rose to $1.19 billion for the second quarter from $4.4 million a year earlier. Analysts on average had expected $1.26 billion, according to IBES data from Refinitiv.

Net loss narrowed to $509.3 million, or $1.22 per share, in the reported quarter, from $717.8 million, or $1.94 per share, a year earlier.

The company expects to reach slightly positive adjusted core earnings in the second half of 2022, it said.