Expedition cruising is a hot product in the post-pandemic travel market, and the latest financial results for Lindblad Expeditions prove the point.
Revenue for the third quarter of 2022 more than doubled to US$145 million and the company posted an adjusted EBITDA profit.
Lindblad is an expedition travel company headquartered in New York, NY. The company currently offers expedition cruises to destinations on all seven continents aboard 15 ships with capacities ranging from 28 to 150 guests.
Since 2004, Lindblad Expeditions has partnered with National Geographic and is now cobranded in the Americas and Oceania as Lindblad Expeditions-National Geographic.
The alliance pairs Lindblad expedition leaders, naturalists, and historians with National Geographic scientists, oceanographers, writers, photo instructors, and filmmakers. Itineraries operated by Lindblad are also sold by National Geographic Expeditions, and Lindblad-owned vessels in the fleet feature "National Geographic" in their names.
Lindblad segment net yield per available guest night increased 24% to $1,014 and the company reported an occupancy rate of 81%. Executives say there are strong reservations for future travel with bookings for next year 23% ahead of bookings for 2020 at the same point in 2019.
"With significant demand across both our ship and land-based businesses, our guests are demonstrating their eagerness to return with us to exploring the world's most remarkable destinations," said President and CEO Dolf Berle.
"The growing desire for high quality, immersive and authentic experiences drove the positive earnings contributions during the third quarter, while also positioning us for continued success in 2023 and beyond, when we can further leverage the increased fleet capacity and diversified product offerings we have strategically invested in over the last two years."
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