LOS ANGELES - Viking (NYSE: VIK), a prominent player in the Hotels, Restaurants & Leisure industry with a market capitalization of nearly $20 billion, has expanded its fleet with the addition of the new ocean ship Viking Vela, which was officially delivered during a ceremony at the Fincantieri shipyard in Ancona, Italy, the company announced today. According to InvestingPro data, Viking's stock has delivered an impressive 77% return year-to-date, reflecting strong investor confidence in the company's expansion strategy. The Viking Vela, mirroring the small ship design of its sister ships, can accommodate 998 guests across 499 staterooms. The vessel is set to sail in the Mediterranean and Northern Europe for its inaugural season.
Viking's Chairman and CEO, Torstein Hagen, expressed pride in the introduction of the latest ship, which he described as a continuation of Viking's commitment to building elegant small ocean vessels. He also highlighted the company's anticipation of welcoming more travelers to experience Viking's approach to exploration.
The Viking Vela, while currently equipped with a traditional propulsion platform, is designed to be hydrogen-ready, allowing for potential future retrofitting for partial hybrid propulsion using liquid hydrogen and fuel cells. This innovation could enable the ship to achieve zero-emission operations in environmentally sensitive areas like the Norwegian Fjords.
The launch of the Viking Vela comes on the heels of a series of accolades for Viking. The company has been recognized as the top cruise line in various categories by Condé Nast Traveler and U.S. News & World Report. Additionally, Viking's ocean ships were Recommended in the Forbes Travel Guide 2024 Star Awards, and the company received multiple awards at the 2023 Cruise Critic Editors’ Picks Awards.
Viking, founded in 1997, is known for its destination-focused journeys that cater to intellectually curious travelers. The company has amassed over 450 awards, including being rated #1 across rivers, oceans, and expeditions by prominent travel publications.
The addition of the Viking Vela to Viking's award-winning fleet underscores the company's ongoing growth and its commitment to providing unique travel experiences. With four analysts recently revising earnings expectations upward and the stock trading near its 52-week high, Viking continues to demonstrate strong market momentum. For deeper insights into Viking's financial outlook and growth prospects, investors can access detailed analysis and 14 additional ProTips through InvestingPro. The information for this article is based on a press release statement and InvestingPro data.
In other recent news, Viking Holdings Ltd has been making waves in the financial sector. The company surpassed Q3 estimates, reporting an adjusted earnings per share of $0.89, beating the consensus estimate of $0.82. Revenue for the quarter was reported at $1.68 billion, slightly higher than analyst projections of $1.67 billion. These robust figures were driven by an increase in total revenue by 11.4% year-on-year to $1.68 billion, attributed to a rise in revenue per passenger cruise day.
Truist Securities, in their recent analysis, increased the price target for Viking Holdings to $49.00, up from the previous $38.00, while maintaining a Hold rating on the stock. The firm's analyst highlighted Viking's strong performance metrics and potential to be the first in the industry to return capital to shareholders post-Covid. However, the Hold rating suggests that the stock may not be an immediate buy at its current price level.
Viking Holdings has shown promising advance bookings, selling 95% of its capacity for the 2024 season and 70% for the 2025 season. The company's 2025 bookings are reported to be 26% higher than 2024 bookings at the same point last year. These are the latest developments from Viking Holdings Ltd.
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