SeaWorld Entertainment (NYSE: SEAS)
Aquatic theme parks operator, SeaWorld Entertainment, on Monday announced an increase in attendance and revenues for the three months to June 30, 2018.
Following the superb results, the stock added $4.35, or 20.59% to trade at $25.48 in premarket trading. It has gained nearly 49% in the last year, while the S&P 500 has added 15%.
SEAS Earnings & Outlook
SeaWorld reported net income of $22.7 million, or $0.26 per share, for the quarter. In the same period last year, the company had a net loss of $175.9 million, or $2.05 per share.
Excluding special items, the company earned $22.7 million, or 0.34 per share. Thompson Reuters, based on analysts’ estimates, said the consensus earnings forecast for the quarter was $0.27 per share.
Net sales also increased, coming in at $392 million, up 5% from the second quarter of the previous year.
The company attributed the revenue rise to a 300,000 increase in attendance numbers to 6.4 million guests. Analysts had projected net sales of $371.4 million, and an attendance of 6.0 million guests.
SeaWorld CEO Comments
“We are pleased with our strong second quarter financial results and the continued momentum we see in the business. The results were driven by our new strategic pricing strategies, new marketing and communications initiatives and the positive reception of our new rides, attractions and events. In addition, we continued to experience a double-digit increase in season pass sales revenue and an increase in total revenue per capita driven by a 6.5% increase in in-park per capita spending,” said John Reilly, SeaWorld’s interim Chief Executive Officer.
“We are particularly pleased with our second quarter attendance growth, which more than offset the negative impacts from unfavorable weather across several of our markets in the quarter, and the earlier timing of the Easter holiday in 2018, which benefitted the first quarter at the expense of the second quarter,” Reilly added.
SeaWorld Entertainment Company Profile
SeaWorld Entertainment, Inc. operates as a theme park and entertainment company in the U.S. It operates theme parks under Busch Gardens brand in Williamsburg and Tampa; SeaWorld in Orlando, San Diego, and San Antonio; Discovery Cove in Orlando; Adventure Island in Tampa; Aquatica in San Diego, Orlando, and San Antonio; and Sesame Place in Langhorne.
The Busch Gardens are family-oriented theme parks designed to immerse visitors in foreign geographic settings. The Aquatica branded water parks are family-oriented, premium destinations based in a South Seas-themed tropical setting.
Aquatica water parks are built on the aquatic theme of its SeaWorld brand and feature high-energy rides, water attractions, white-sand beaches and an innovative and entertaining presentation of marine and terrestrial animals.
The Discovery Cove offers guests personal, signature experiences, including the opportunity to swim and interact with dolphins, take an underwater walking reef tour and enjoy pristine white-sand beaches and landscaped private cabanas.
The Sesame Place is a destination where parents and children can share in the spirit of imagination and experience Sesame Street together through whirling rides, water slides, colorful shows and furry friends. SeaWorld Entertainment was founded in 2009 and is headquartered in Orlando, Florida. –CNNMoney