Norwegian Cruise’s stock falls after swinging to wider-than-expected loss as revenue plunged 99%

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Shares of Norwegian Cruise Line Holdings Ltd. dropped 2.8% in premarket trading Thursday, after the cruise operator swung to a wider-than-expected loss with revenue tumbling 99.0% to miss forecasts, as operations remain suspended amid the COVID-19 pandemic. The net loss was $715.2 million, or $2.99 a share, after net income of $240.2 million, or $1.11 a share, in the year-ago period. Excluding non-recurring items, such as expenses related to the extinguishment and modifications of debt, the adjusted loss per share was $2.78, compared with the FactSet consensus of $2.26. Revenue fell to $16.9 million from $1.66 billion, as passenger ticket revenue declined 98.8% to $13.8 million and onboard and other revenue sank 99.4% to $3.1 million. The company now expects monthly cash burn of $160 million during the suspension of operations, which is at the high end of previous expectations due to additional interest expense related to a July capital raise, maintaining more ships in warm layup, increased costs associated with travel restrictions for crew and additional marketing investments. The stock has tumbled 76.5% year to date through Wednesday, while the S&P 500 has gained 3.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.