Why Six Flags Entertainment (SIX) Shares Are Diving Today

Six Flags Entertainment Corp SIX reported a fourth-quarter FY22 sales decline of 12% year-on-year to $279.88 million, missing the consensus of $280.33 million.
The revenue decrease was driven by lower attendance due to increased ticket prices and the elimination of free tickets and heavily-discounted pass products.
Attendance was 4.1 million guests in the quarter, a 30% Y/Y decrease. Total guest spending per capita was $65.15, up 23% Y/Y.
Adjusted EBITDA for the quarter increased 5% to $99 million.
EPS for the quarter was $0.16 versus a $(0.02) loss last year. Loss on impairment of park assets for the quarter was $16.94 million.
The company held $80 million in cash and equivalents as of Jan. 1, 2023. Net cash provided by operating activities for the year was $269.4 million.
CEO Selim Bassoul, said, "In the fourth quarter, we launched three new events and amplified our largest event of the year, Fright Fest, which drove improved attendance trends and guest satisfaction."
Price Action: SIX shares traded higher by 6.88% at $28.60 in premarket on the last check Thursday.
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Why Six Flags Entertainment Shares Are Diving Today