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NEW YORK - Viking Holdings Ltd (NYSE:VIK) reported fourth quarter earnings that beat analyst estimates, driven by higher capacity and strong demand. However, shares fell 1.75% following the results.
The cruise operator posted adjusted earnings per share of $0.45, exceeding the analyst consensus of $0.33. Revenue rose 20.5% year-over-year to $1.35 billion.
Viking’s net yield, a key industry metric measuring revenue per passenger cruise day, increased 7.4% compared to the prior year quarter to $507. Occupancy reached 92.1%, up slightly from 91.8% a year ago.
"2024 was an exceptional year for Viking, with Net Yields increasing 7.4% and Adjusted Gross Margin increasing by 14.0% year-over-year, driven by our growth in capacity and the strength in demand from our loyal and expanding customer base," said Torstein Hagen, Chairman and CEO of Viking.
For the full year 2024, Viking reported total revenue of $5.33 billion, up 13.2% from 2023. Adjusted EBITDA rose 23.7% to $1.35 billion.
Looking ahead, the company said it has sold 88% of its capacity for the 2025 season as of February 23. Advance bookings for 2025 are 26% higher than 2024 at the same point last year.
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