Viking Holdings' Q3 results beat expectations on 94% occupancy rate

seekingalpha

19 Nov 2024

Aleovo/iStock Editorial via Getty Images

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.

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One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2484941514"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2484941514\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2484941514?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w750","is_english":true,"pubTime":"2024-11-19 21:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2484941514","market":"nz","top_or_hot":-1,"title":"Viking Holdings' Q3 results beat expectations on 94% occupancy rate","media":"seekingalpha","content":"<html><body><figure> <picture> <img height=\"1024px\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1511468754/image_1511468754.jpg?io=getty-c-w240 240w\" width=\"1536px\"/> </picture> <figcaption><p>Aleovo/iStock Editorial via Getty Images</p></figcaption> </figure><p>Led by a 94% occupancy rate and 2% increase in average capacity for all ships, Viking Holdings (<span>NYSE:VIK</span>) earned a better-than-expected profit in Q3 as revenue during the quarter increased more than 11% to $1.68B. </p> <p>“The strength of our one<span> 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.</span></p> <p>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%.</p> <p>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.</p> <p>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.</p> <div></div><p>Viking (VIK) shares are <span>up 1%</span> in Tuesday’s premarket trading. </p> </body></html>","source":"seekingalpha_trending_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Viking Holdings' Q3 results beat expectations on 94% occupancy rate</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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