Lindblad Expeditions, the operator of the National Geographic cruise fleet, saw its shares rocket by 25% after the company reported a nearly fourfold increase in quarterly earnings and revealed strong forward bookings.

The cruise operator, led by chief executive Sven Lindblad, delivered net income available to shareholders of $21.3m, nearly four times the $4.54m earned in the same period of 2023.

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That brought earnings per share to $0.36. That is well above the average analyst estimate calling for $0.18, but it is not clear if Wall Street expectations include adjustments not broken out by Lindblad Expeditions

Adding to the quarter’s strength were record forward bookings, which were 26% ahead of this time last year.

“Lindblad delivered a record third quarter as we continue to generate strong operating results across both our fleet and expanded land experiences portfolio,” the chief executive said.

“Looking ahead, this strong growth is poised to continue as current year bookings for future travel have reached record levels.”

The New York-headquartered company reported a 9% jump in net yield per guest night.

Total tour revenue jumped to $206m from $176m a year earlier, while operating expenses rose to $177m from $156m.

The positive quarterly results were not enough to lift nine-month profit out of the red.

Lindblad Expeditions reported a loss of $9.59m for the first three quarters of the year, which was better than the $21.5m in red ink during the same period of 2023.

“Our focus continues to be on providing high quality travel experiences and strategically expanding our travel platform to capture this demand,” Sven Lindblad said. “We believe we are well positioned to deliver meaningful shareholder value in the years to come.”

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