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What: Shares of Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) fell 11% in trading after reporting earnings. At 3:30 p.m. EDT, shares were still up 10.9% on the day.

So what: Total revenue for the second quarter was up 9.3% to $1.2 billion, and adjusted net income rose 12.2% to $192.6 million, or $0.85 per share. Revenue was in line with expectations, and earnings beat estimates by $0.02.  

What really caught investors by surprise today was management lowering adjusted full-year earnings guidance to between $3.35 and $3.45 per share, well below the $3.72 analysts were expecting. Management also said it wouldn't hit its target of adjusted earnings per share of $5.00 in 2017.

Now what: Weak bookings in North America and Europe, along with a weaker British pound, is leading to the disappointing guidance for 2016 and 2017. But earnings are expected to grow 15% to 25% next year, so the news isn't all bad. With shares still trading at 11 times the bottom end of earnings guidance, and growth expected next year, I don't think shares are a bad value. Expectations just got ahead of themselves for 2017, which shares are adjusting for today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.