SeaWorld Entertainment Inc. ( NYSE: SEAS ) rallied on Thursday after toppings Q2 earnings estimates on attendance growth of 7.8% from a year ago.
After backing out international guest visitation and group-related attendance, attendance was up 3.3% during the quarter. Admission per capita increased 5.0% to a record $43.98, while in-park per capita spending increased 8.2% to a record $36.61.
The SeaWorld board of directors approved a new $250M share repurchase program. In Q2, SEAS repurchased approximately 7.1M shares of common stock at a total cost of approximately $390.1M.
SeaWorld ( SEAS ) management indicated that the themer park operator has a plan of action to deal with the new macro backdrop.
CEO Marc Swanson: "We have several new projects and initiatives in flight that we expect will help us work to offset the unusually high inflationary pressures and become a more efficient and profitable operating business. Further, we expect certain cyclical, supply chain related and/or temporary cost pressures such as energy and utilities, shipping, food and certain wage and employee related costs to moderate over the coming months and quarters."
Shares of SeaWorld Entertainment ( SEAS ) gained 4.75% to $51.35 vs. the 52-week trading range of $40.02 to $76.57.
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SeaWorld gains after revenue beat, new share buyback plan