Shares of Norwegian Cruise Line Holdings (NYSE: NCLH) sank 11.6% through 11:40 a.m. ET after the company reported a big earnings miss on Tuesday morning.

Even heading into Q4, analysts weren't very optimistic, forecasting that the cruise operator would lose $0.85 per share, pro forma, on $1.5 billion in revenue. But Norwegian missed even this pessimistic prediction. While sales were on target, losses per share tumbled to $1.04.

Worse, those losses -- the $1.04-per-share number -- were adjusted for items considered one-time in nature. When calculated according to generally accepted accounting principles (GAAP), Norwegian's per-share loss was even bigger: $1.14 per share, despite revenues more than tripling year over year and "revenue per Passenger Cruise Day" growing 23% in comparison to the prepandemic year 2019 (and thus coming in better than expected).

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Source Fool.com