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Norwegian Cruise Line swings to loss in Q1

Norwegian Cruise Line Holdings Ltd. said its normalized net income for the first quarter was a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

The per-share result swung to a loss from the prior-year profit of 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $7.1 million, compared with income of $26.0 million in the prior-year period.

The normalized profit margin declined to negative 1.3% from 3.9% in the year-earlier period.

Total revenue grew 41.3% on an annual basis to $938.2 million from $664.0 million, and total operating expenses climbed 47.0% from the prior-year period to $868.5 million from $590.9 million.

Reported net income totaled a loss of $22.4 million, or a loss of 10 cents per share, compared with income of $50.6 million, or 24 cents per share, in the year-earlier period.