Lindblad Expeditions has boosted its profit on higher bookings.
The Seven-Olof Lindblad-led company posted second-quarter net income of $1m versus $0.1m during the same period last year.
Earnings per share came in at $0.02, missing Wall Street consensus of $0.06 but trumping last year's result of $0.00.
Tour revenue increased 10% to $76.7m from a year earlier, driven by $5.4m growth in the Lindblad segment to $64.9m and $1.8m increase in Natural Habitat to $11.7m.
“Lindblad’s strong second quarter operating results further demonstrates the opportunity we have to deliver sustained growth as we expand our capacity while maintaining high occupancy levels and net yields," chief executive Sven-Olof Lindblad said.
Cash, cash equivalents and restricted cash were $112.1m as of 30 June 30, down from $122.2m six months earlier due to $42.3m purchases in purchases of property and equipment for construction of two new vessels.
This was partially offset by $37.2m in net cash from operating activities "due to the strong operating performance and increased bookings for future travel," the company said.
Lindblad expects full-year 2019 revenue of $350m to $358m for 13% to 16% growth from 2018. It forecasts adjusted Ebitda to improve 22% to 28% to $67m to $70m.
