QinetiQ profit beats forecasts despite dip in revenue
NEW YORK - On Tuesday, Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) reported third-quarter revenue that exceeded analyst expectations, despite missing earnings estimates.
The expedition cruise operator’s shares rose 7.21% in pre-market trading after the results.
The global provider of expedition cruises and adventure travel experiences posted revenue of $240.2 million for the third quarter, beating the consensus estimate of $230.32 million and representing a 17% increase from the same period last year. However, the company reported breakeven earnings per share of $0.00, missing analyst expectations of $0.19 EPS.
Investors appeared to focus on the strong revenue growth and improved operational metrics, including a 25% increase in adjusted EBITDA to $57.3 million. The company’s Lindblad segment saw net yield per available guest night increase 9% to $1,314, while occupancy improved to 88% from 82% in the prior-year period.
"Our latest quarter is a testament to our great team and disciplined focus on strategic priorities and unforgettable guest experiences," said Natalya Leahy, Chief Executive Officer. "Both our land and marine segments grew strongly with overall corporate revenue up 17% and a new record level of adjusted EBITDA while achieving highest ever measured guest satisfaction scores."
The company also completed a refinancing of its long-term debt during the quarter, lowering its interest rate to 7.00% and extending maturity to 2030. This move simplified the company’s capital structure and enhanced financial flexibility.
Looking ahead, Lindblad provided full-year 2025 guidance, projecting revenue between $745-760 million, slightly above the consensus estimate of $744.5 million, and adjusted EBITDA of $119-123 million.
The Land Experiences segment was particularly strong, with tour revenues increasing 21% to $102.6 million compared to the third quarter a year ago, primarily due to operating additional trips and higher pricing.
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