SeaWorld Entertainment Inc SEAS reported a second-quarter FY23 sales decline of 1.75% year-on-year to $496 million, beating the analyst consensus estimate of $494.19 million.
Attendance was 6.1 million guests, an decrease of 0.1 million guests from last year.
The decrease in attendance was primarily due to significantly adverse weather, including some combination of unusually hot and cold weather, rain and / or the fall-out from Canadian wildfires, across most of the markets, including during peak visitation periods.
Revenue per capita increased 0.3% Y/Y to $80.80, and in-park per capita spending rose 0.6% to $36.84.
In-park spending was impacted by the adverse weather and delays in construction projects resulting in prolonged closures of certain in-park facilities and other in-park disruptions during the quarter.
Total costs and expenses rose 4.2% Y/Y to $340.6 million. The operating margin was 31.3%, and operating income for the quarter was $155.4 million.
Adjusted EBITDA of $224.2 million decreased 4.4% Y/Y.
EPS of $1.35 missed the analyst consensus of $1.78.
The company held $146.7 million in cash and equivalents as of June 30, 2023. Cash flow from operations totaled $184.6 million in the quarter, with a free cash flow of $108.8 million.
Price Action: SEAS shares traded lower by 3.04% at $52.68 in premarket on the last check Tuesday.
- Photo Via Company
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