The following is a summary of the Viking Holdings Ltd (VIK) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 2024 consolidated net yield up 11% year-over-year.
Revenue for Q3 2024 increased by 11.4% year-over-year, totaling approximately $1.7 billion.
Net income for Q3 2024 was $375 million, a remarkable turnaround from a loss of $1.2 billion in Q3 2023.Adjusted EBITDA for Q3 totaled $554 million, improving by more than $73 million compared to the same period last year.
Business Progress:
Viking expands its global presence, operating across five oceans, 21 rivers, and the five Great Lakes, offering unique experiences in over 85 countries.
Notable achievements in market leadership include 92% brand awareness for river cruises and 80% for luxury ocean cruises in the US.
Launch of new vessels like Viking Hathor and Viking Sobek on the Nile and the ongoing development in China with dedicated itineraries for English-speaking guests.
Opportunities:
Strong brand recognition and top ratings in all major business lines (Oceans, Rivers, Expeditions) provide leverage for further growth and expansions.
High rates of repeat guests (53% for the 2024 season) demonstrate effective customer retention and opportunities for cross-selling.
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