SIX - Six Flags Entertainment swings lower after reporting attendance decline for Q2

2023-08-10 06:15:15 ET

Six Flags Entertainment Corporation ( NYSE: SIX ) traded lower in premarket action on Thursday after Q2 results disappointed.

Revenue rose 2% during the quarter to $444M. Total guest per capita spending was down 5% to $60.76, including a 7% drop in admission spending per capita to $33.79 and 2% decline in in-park spending per capita to $26.97. The decrease in admissions spending per capita was driven primarily by lower average pricing on season passes in the quarter. The drop in in-park spending per capita was driven primarily by lower spend on parking, retail, and flash passes, resulting from a higher mix of attendance from season passes.

Adjusted EBITDA was up 5% to $161M.

On the balance sheet, Six Flags ( SIX ) ended the quarter with a cash position of $52M and total reported debt of $2.352B.

"Despite a challenging weather backdrop in the first half of the year, we are seeing a return to a solid growth trajectory in attendance, revenue and earnings," noted CEO Selim Bassoul. In 2024, the theme park operator said it will be investing heavily in new marketable attractions to further elevate its position as a market leader.

More on Six Flags Entertainment:

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• Seeking Alpha's Quant Rating for Six Flags Entertainment Corporation

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