SeaWorld Entertainment ( NYSE: SEAS ) fell in early trading on Wednesday after Q3 results missed the expectations of analysts.
Total revenue rose 8.4% to a record $565.2M. Total revenue per capita increased 6.8% to a record $77.05.
Attendance fell 9.7% during the quarter compared to a year ago due in part to factors such as international guest visitation, group-related attendance, adverse weather including Hurricane Ian and an unfavorable calendar shift. Atendance levels were noted to still be below the total attendance levels SeaWorld achieved in 2019 and well below the historical high attendance of approximately 25M guests recorded in 2008. In-park per capita spending increased 10.4% to $34.30. In-park per capita spending improved due to a combination of factors including pricing initiatives, improved product quality and mix and the impact of new or enhanced and expanded venues and/or other in-park offerings.
CEO Marc Swanson said records were achieved for revenue, net income and adjusted EBITDA in the quarter, but also noted the results still do not reflect a normalized operating environment.
Swanson's update: "We still have significant scope to improve our execution and our financial results. We had a meaningful impact from adverse weather in the quarter, including Hurricane Ian, that we estimate led to 90,000 less guest visits during the quarter; international and group visitation are still not back to pre-Covid levels; our staffing is still not at optimized levels; and inflationary pressures continue to impact our costs."
Shares of SeaWorld ( SEAS ) fell 3.23% in premarket action following the earnings miss.
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SeaWorld falls after earnings miss with attendance impacted by Hurricane Ian