SEAS - SeaWorld falls after saying adverse weather impacted traffic in Q2

2023-08-01 08:31:47 ET

SeaWorld Entertainment ( NYSE: SEAS ) disclosed that preliminary Q2 revenue was $494M to $497M, compared to $504.8M in Q2 a year ago. The revenue tally was also short of the consensus estimate for $518M.  The theme park operator said the decline was largely a result of a decrease in attendance, partially offset by an increase in total revenue per capita.

Attendance in the quarter was approximately 6.1M guests, a decline from 6.3M guests a year ago. The decrease in attendance was primarily due to adverse weather across a number of the company's markets, including during peak visitation periods. Excessive heat warnings have impacted some of SeaWorld's markets this summer.

SeaWorld ( SEAS ) said net income is expected to be approximately $85M to $88M, compared to $116.6M a year ago. The decline in net income is primarily due to an increase in interest expense as well as a reduction in total revenues. Adjusted EBITDA is expected to be approximately $222M to $225M, compared to $234.4M a year ago.

Shares of SeaWorld Entertainment ( SEAS ) fell 3.27% in premarket trading.

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