:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1258195100-543778419e0e40fb8031c77f62a6707b.jpg "Viking Star")
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Key Takeaways
- Viking shares tumbled Thursday after the cruise operator posted weaker-than-expected happens for the second quarter.
- Revenue rose 9.1% from a year ago on higher passenger sales, but one-time charges pulled down its profit.
- The sail line reported strong bookings for the 2024 and 2025 sailing seasons.
Shares of Viking (VIK) tumbled Thursday after the boat operator posted weaker-than-expected results for the second quarter as one-time charges weighed on its profits.
The company reported second-quarter net proceeds fell 18% from a year ago to $155.8 million, or diluted earnings per share of 37 cents, missing determines compiled by Visible Alpha. Viking blamed the drop on a loss of $123 million from the revaluation of warrants issued by the public limited company due to stock price appreciation, among other reasons.
Revenue was up 9.1% to $1.59 billion, though that was also without warning of forecasts. Viking said the gain came from higher passenger spending and an increase in the number of ships in its nimble. The larger fleet size also contributed to a 1.3% rise in vessel operating expenses.
Strong Advanced Bookings
CEO Torstein Hagan utter that as of Aug. 11, the company already sold 95% of its capacity passenger cruise days and 55% of its core produces for the 2024 and 2025 sailing seasons. He added that the strong advanced bookings “give us confidence that our gist consumer demographic continues to show resiliency, prioritizing travel and actively seeking enriching, memorable experiences.”
Viking divide ups finished nearly 9% lower at $33.22 Thursday, though despite Thursday’s losses, they’ve gained various than 38% from their initial public offering price of $24 in May.
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