Six Flags Entertainment Shares Gain In Premarket As Q2 Results Smash Estimates

Six Flags Entertainment Corp SIX reported second-quarter FY21 sales of $460 million, beating the analyst consensus estimate of $330.82 million.
Results for the second quarter of 2021 are not directly comparable to the same prior-year period due to the COVID-19-related suspension of operations and operating restrictions that began in mid-March 2020.
Total revenue growth declined 3.56% compared to Q2 FY19, driven by a $17 million reduction in sponsorship, international agreements, and accommodations revenue.
The regional theme park company recorded an attendance of 8.5 million guests, a decrease of 2.0 million compared to Q2 FY19.
The decrease in attendance was due to the temporary pandemic-related limitations on park operations at several of the company's parks in the second quarter of 2021.
Adjusted EBITDA of $170 million fell 5% from Q2 FY19.
Total guest spending per capita shot up 23%, and in-park spending per capita grew 28% from FY19.
Operating expenses for the quarter rose 3% versus Q2 FY19 to $183.8 million.
Net cash provided by operating activities expanded 25.6% to $209.7 million from Q2 FY19.
The company held $252.9 million in cash and equivalents as of July 4, 2021.
EPS of $0.81 beat the analyst consensus for a loss of $(0.07).
"While the operating environment continues to be challenging, we are encouraged by the initial progress on our transformation plan, which contributed to our improving revenue and guest spending per capita trends," said CEO Mike Spanos.
Price action: SIX shares are trading higher by 6.89% at $44.96 in premarket on the last check Wednesday.

Market News and Data brought to you by Benzinga APIs

Six Flags Entertainment Shares Gain In Premarket As Q2 Results Smash Estimates

Comments

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga