SIX - Six Flags rallies after higher guest spending offsets slips in attendance

2023-05-08 07:12:06 ET

Six Flags Entertainment ( NYSE: SIX ) rallied on Monday morning after posting its Q1 earnings report .

Total revenue rose 3% year-over-year as higher guest spending per capita partially offset lower attendance during the quarter. Attendance was impacted negatively by severe weather in the company's California and Texas parks.

Admissions spending per capita rose 10% to $47.81 during the quarter and in-park spending per capita increased 3% to $33.07.

The Q1 adjusted EBITDA loss of -$17.4M came in ahead of the consensus estimate of -$24.5M.

On the balance sheet, the theme park operator ended the quarter with total reported debt of $2.452B, and a cash position of $65M.

CEO outlook: "Looking ahead, our team is excited to launch numerous special events this summer, including Viva La Fiesta, Flavors of the World, Six Flags Fireworks Spectacular, and parades. These events, combined with exciting new rides and attractions and our focused investments in infrastructure, should help us deliver an enhanced guest experience this year."

Shares of Six Flags Entertainment ( SIX ) moved up 3.03% in premarket trading to $23.12.

More on Six Flags:

• Six Flags Entertainment: New Management, New Strategy, New Opportunities
• Read more breakdowns on Six Flags from Seeking Alpha analysts
• View the growth metrics
• See the financial and valuation comparisons to sector peers
• Dig into the Seeking Alpha Quant Rating

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