Zinger Key Points
- United Parks Q4 EPS missed estimates at 50 cents, impacted by poor weather, but sales exceeded expectations at $384.38M.
- Weather-related attendance decline led to a 4% drop in Q4 adjusted EBITDA, but shares rose 1.95% on strong sales performance.
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United Parks & Resorts Inc. PRKS shares are trading higher on Wednesday.
The company reported fourth-quarter earnings per share of 50 cents, missing the street view of 71 cents. Quarterly sales of $384.38 million (down 1.3% year over year) outpaced the analyst view $380.04 million.
Total revenue per capita rose 0.4% to $78.75. Admission per capita dropped 1.9% to $43.61, while in-park spending increased 3.5% to $35.14.
“Fourth quarter and fiscal year results were impacted by meaningfully worse weather, including Hurricanes Debby in August, Helene in September and Milton in October,” said United Parks CEO Marc Swanson.
In the fourth quarter, the company hosted 4.9 million guests, a decrease of 79,000 from 2023, largely impacted by Hurricane Milton, which contributed to a 167,000 guest decline.
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“Adjusting for these impacts, we estimate that fourth quarter attendance would have increased approximately 2% compared to the prior year quarter and full year 2024 attendance would have increased approximately 2% compared to 2023,” the CEO added.
Adjusted EBITDA in the quarter under review dropped 4% year over year to $144.5 million.
United Parks exited the quarter with cash and equivalents worth $115.893 million, lower than $246.922 million a year ago.
Total long-term debt (including current maturities) expanded to $2.263 billion from $2.125 billion in the year-ago period.
Price Action: PRKS shares are trading higher by 1.95% to $55.75 at last check Wednesday.
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