Viking Holdings Ltd ( VIK ) shares are trading lower on Tuesday.

The company reported fourth-quarter adjusted earnings per share of 45 cents, beating the street view of 34 cents. Quarterly sales of $1.35 billion (+20.5% year over year) outpaced the analyst consensus estimate of $1.34 billion.

The quarterly sales were driven by increased Capacity Passenger Cruise Days (PCDs) and higher revenue per PCD in 2024 compared to 2023. Capacity PCDs increased by 10.9% year over year.

Adjusted EBITDA in the quarter under review increased to $306 million from $219 million in the year-ago period, mainly driven by increased Capacity PCDs and higher revenue per PCD. Occupancy Percentage soared to 92.1% from 91.8%.

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As of December 31, the company had $2.5 billion in cash and equivalents and an undrawn revolver facility of $375.0 million.

“Looking ahead to 2025, we are growing our capacity for our Core Products by 12% with the delivery of 11 new ships during the year and are pleased to report that our Core Products are already 88% booked for the 2025 season,” said Torstein Hagen, Chairman and CEO of Viking.

Outlook: The company sees FY25 capacity PCD sold of 88%, advance bookings (booked YTD) of $5.3 billion, advance bookings growth of 26%, and capacity PCD increase of 12%.

Price Action: VIK shares are trading lower by 6.27% to $40.06 at last check Tuesday.

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