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SeaWorld Entertainment’s First Quarterly Results After Its IPO Disappoints Investors

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Theme park and entertainment company, SeaWorld Entertainment Inc. (NYSE: SEAS) said on Tuesday that it swung to fiscal second quarter loss as unfavorable weather conditions and higher ticket prices dissuaded visitors.

Shares plunged about 11.30% in aftermarket hours.

SeaWorld, which went public on April with an IPO price of $27 a share, reported a loss of $15.9 million or 18 cents a share compared to a net income of $39.1 million from 47 cents a share, in the year-earlier quarter.

After adjusting onetime items such as expenses related to debt extinguishment and $46.3 million fee paid to Blackstone, (the private equity company took SeaWorld public), earnings stood at 41 cents a share, missing analysts’ consensus estimate for 47 cents a share, according to FactSet’s poll.

Revenue fell 3% to $411.3 million. The Street’s expectation was for $435.5 million. Attendance dropped 9% to 6.6 million.

In addition to higher ticket prices and harsh weather conditions, the Company  said that the timing of the Easter also impacted the attendance. Normally, Easter weekend falls in the second quarter but this year it was in the fiscal first quarter.

Revenue per visitor rose 7% to $62.67 as ticket prices were increased.

For the full-year fiscal, SeaWorld anticipates revenue of $1.45 billion to $1.48 billion. Analysts had forecasted revenue of $1.5 billion.

 








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Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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