Lindblad Expeditions (NASDAQ:LIND – Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01, Zacks reports. Lindblad Expeditions had a negative return on equity of 2.59% and a net margin of 0.67%. The firm had revenue of $269.15 million during the quarter, compared to analyst estimates of $263.54 million.
Here are the key takeaways from Lindblad Expeditions’ conference call:
- Record third-quarter performance: Revenue rose 12% to $269.2 million, Adjusted EBITDA increased 12% to $64.1 million, and net income reached a company-record $24.2 million. Occupancy improved to 91.2% and net yield rose 6.4% to a record $1,398 per available guest night.
- Lindblad raised its 2026 outlook for the second time in six weeks, now expecting revenue of $870 million–$885 million, net-yield growth of 6%–7%, and Adjusted EBITDA of $142 million–$148 million. Management said 2027 and 2028 bookings are pacing ahead of the prior year, with 2027 at a record booked position.
- The acquisition of majority stakes in White Desert and Echo Charlie expands the platform into air-based Antarctic and remote-region experiences, alongside its existing sea and land offerings. Management sees cross-selling opportunities and a large underpenetrated market, including plans to add a fourth White Desert camp and launch new Echo Charlie itineraries.
- Higher fuel prices remain a material headwind, with fuel expense up 22% year over year despite lower consumption and fuel prices approximately 50% higher. The company does not hedge fuel and expects fourth-quarter capacity to decline mid-single digits due to dry docks and repositioning, while acquisition spending increased net leverage to 2.5 times.
- Management continues to pursue mid-single-digit capacity growth through charters and is evaluating new ships, acquisitions, and additional land businesses. Cost-innovation initiatives in areas such as inventory management, accounts payable, and technology are expected to deliver more fully in 2027.
Lindblad Expeditions Stock Performance
NASDAQ:LIND traded down $1.94 during trading hours on Thursday, reaching $31.59. The company’s stock had a trading volume of 451,920 shares, compared to its average volume of 845,513. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -1,587.50 and a beta of 2.27. The firm has a 50-day simple moving average of $31.45 and a 200-day simple moving average of $24.68. Lindblad Expeditions has a 1 year low of $11.37 and a 1 year high of $38.85.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on LIND. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lindblad Expeditions in a research report on Thursday, October 15th. Wall Street Zen upgraded Lindblad Expeditions from a “hold” rating to a “buy” rating in a research report on Sunday, September 20th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $30.00 target price on shares of Lindblad Expeditions in a research report on Thursday, September 17th. Jefferies Financial Group upped their target price on Lindblad Expeditions from $29.00 to $32.00 and gave the stock a “hold” rating in a research note on Thursday, October 8th. Finally, Stifel Nicolaus set a $43.00 price target on shares of Lindblad Expeditions in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.50.
Check Out Our Latest Analysis on Lindblad Expeditions
Insider Transactions at Lindblad Expeditions
In other news, Director Sven-Olof Lindblad sold 66,872 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $36.95, for a total transaction of $2,470,920.40. Following the transaction, the director directly owned 9,937,202 shares of the company’s stock, valued at approximately $367,179,613.90. This trade represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 750,000 shares of company stock worth $26,532,349 in the last ninety days. Corporate insiders own 26.10% of the company’s stock.
About Lindblad Expeditions
Lindblad Expeditions Holdings, Inc (NASDAQ:LIND) operates expedition cruises and adventure travel experiences focused on nature, culture and education. Through its Lindblad Expeditions brand, the company provides small-ship voyages designed to take travelers to remote destinations while emphasizing exploration, conservation and expert-led interpretation.
The company’s offerings include ocean and river expeditions, wildlife-focused voyages, cultural journeys and land-based adventures. Trips commonly feature naturalists, historians, photographers and other specialists, along with activities such as shore excursions, hiking, kayaking, snorkeling and wildlife observation.
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