Shares of Norwegian Cruise Line Holdings Ltd. NCLH, -5.26% dropped 6.1% in premarket trading Thursday, after the cruise operator reported a wider-than-expected loss and revenue that came up short of forecasts, and said it expects cash burn to increase. The stock is also suffering from broad weakness in travel stocks in the wake of Russia’s invasion of Ukraine. Net losses widened to $1.57 billion, or $4.01 a share, from $738.9 million, or $2.51 a share, in the year-ago period. Excluding nonrecurring items, adjusted per-share losses narrowed to $1.95 from $2.33, but was wider than the FactSet loss consensus of $1.61. Revenue jumped to $487.4 million from $9.6 million, but was well below the FactSet consensus of $571.9 million, as passenger ticket revenue of $304.9 million missed expectations of $386.4 million and onboard revenue of $182.6 million was below expectations of $216.6 million. The monthly average cash burn was $345 million, below the prior estimate of $350 million, but the monthly average cash burn for the first-quarter is expected to increase to $390 million given the continued phased relaunch of additional cruise ships. The stock has dropped 14.8% over the past three months through Wednesday, while the S&P 500 SPX, -1.84% has lost 10.1%.
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