Lindblad Expeditions Q3 adjusted EBITDA beats on higher occupancy

Overview

• US expedition cruise operator's Q3 revenue rose 12% yr/yr; net income hit record high

• Q3 adjusted EBITDA beat analyst expectations, driven by higher occupancy and net yield

• Company acquired majority stakes in White Desert and Echo Charlie to expand offerings

Outlook

• Lindblad sees 2026 FY tour revenues of $870 mln to $885 mln

• Company expects 2026 adjusted EBITDA of $142 mln to $148 mln

Result Drivers

• HIGHER OCCUPANCY - Co said Lindblad segment occupancy increased to 91% from 88%, contributing to revenue growth

• INCREASED NET YIELD - Lindblad segment net yield per available guest night rose 6% to $1,398, supporting higher segment revenue

• MORE LAND TRIPS - Co said Land Experiences segment revenue rose 13% yr/yr, mainly due to more guests and additional trips

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the hotels, motels & cruise lines peer group is "buy"

• Wall Street's median 12-month price target for Lindblad Expeditions Holdings, Inc. is $37.00, about 0.9% above its November 2 closing price of $36.66

• The stock recently traded at 82 times the next 12-month earnings vs. a P/E of 110 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)