Led by a 94% occupancy rate and 2% increase in average capacity for all ships, Viking Holdings (NYSE:VIK) earned a better-than-expected profit in Q3 as revenue during the quarter increased more than 11% to $1.68B.

“The strength of our one Viking brand and our loyal guests are two key factors that drove our impressive third quarter financial results, positioning us for what looks to be a strong 2024,” said CEO Torstein Hagen.

With adjusted EBITDA up 15.3% year-over-year, and operating expenses only modestly higher due to the increased fleet size, the company’s adjusted gross margin increased by 12.0%.

For the company’s core products, operating capacity is 5% higher for the 2024 season year-over-year and 12% higher for the 2025 season. As of November 3, for its core products, Viking (VIK) had sold 95% of its capacity passenger cruise days ("PCD") for the 2024 season and 70% for the 2025 season.

Advance bookings for the 2024 season increased by 14% versus 2023, and up 26% for the 2025 season. Advance Bookings PCD for the 2024 season was $727, 8% higher than the 2023 season at the same point in time, and advance bookings per PCD for the 2025 season was $820, 7% higher than the 2024 season at the same point in time.

Viking (VIK) shares are up 1% in Tuesday’s premarket trading.