Adjusted net income was $127.7m, or 56 cents per share, a penny above the consensus expectation and compared to guidance of 53 cents to 57 cents, and up from $117.3m, or 51 cents EPS, in Q4 2015. US GAAP net income was $72.2m, or 32 cents EPS, compared $38.3m, or 17 cents EPS, in the prior year.
Revenue for the quarter increased 8.5% to $1.1bn, up from $1bn, mainly due to the additions of Norwegian Escape, Oceania Cruises' Sirena, and Regent Seven Seas Cruises' Seven Seas Explorer. Adjusted net yield decreased 1.7% on a constant currency basis and 2.2% on an as reported basis.
For the full year, adjusted net income was $776.3m, or $3.41 EPS, compared to $662.7m, or $2.88 EPS. GAAP net income was $633.1m, or $2.78 EPS, compared to $427.1m or $1.86 EPS in 2015. Total revenue increased 12.2% to $4.9bn. Adjusted net yield was up 1.8% in constant currency.
Looking to 2017, Norwegian Cruise Line Holdings projects a fourth consecutive year of double-digit EPS growth. Excluding the benefit of Norwegian Joy, the ship being built for the China market, the company's 2017 booked position is at a historic high with pricing slightly higher than the prior year.
NCLH cited renewed demand from North Americans for European voyages, and said Caribbean, Alaska and Hawaii itineraries show continued strength.
Adjusted net yield in the first quarter is projected to increase 4.5% in constant currency and 4% as reported. The company estimates Q1 EPS of approximately 36 cents per share, 2 cents above the consensus estimate but down from 38 cents in Q1 2016.
For the full year, NCLH expects net yield to rise 1.75% in constant currency and 1.25% as reported, and issued EPS guidance in a range of $3.75 to $3.85. This compares to Wall Street's $3.78 forecast.
'2016 marks another record year of earnings, continuing our track record of solid EPS growth, which has grown fivefold since 2013, the year of our initial public offering,' said Frank Del Rio, president and ceo. 'This solid revenue and earnings trend is expected to continue in 2017 as we are now in the best booked position in our company's history with pricing slightly above the prior year.'
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