Norwegian Cruise Line Holdings Ltd. said its first-quarter normalized net income amounted to 18 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS declined 14.9% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $41.6 million, a decrease of 14.7% from $48.8 million in the prior-year period.

The normalized profit margin dropped to 3.6% from 4.5% in the year-earlier period.

Total revenue increased 6.8% on an annual basis to $1.15 billion from $1.08 billion, and total operating expenses rose 9.1% year over year to $1.03 billion from $942.6 million.

Reported net income declined 15.5% from the prior-year period to $61.7 million, or 27 cents per share, from $73.0 million, or 32 cents per share.