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What: Shares of Norwegian Cruise Line Holdings Ltd (NASDAQ: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.