SeaWorld posts narrower-than-expected Q1 loss as revenue tops estimates

SeaWorld posts narrower-than-expected Q1 loss as revenue tops estimates

SeaWorld Entertainment Inc. SEAS, 0.08% said Thursday it had net loss of $44.9 million, or 57 cents a share, in the first quarter, narrower than the loss of $56.5 million, or 72 cents a share, posted in the year-earlier quarter. Revenue rose to $171.9 million from $153.6 million. The FactSet consensus was for a loss of 78 cents and revenue of $121.0 million. The theme park operator said the revenue number was down 21.2% from the first quarter of 2019, before the coronavirus pandemic shuttered parks.

Total revenue per capital rose 17.2% to $77.63 from the first quarter of 2020. As of March 31, SeaWorld had about $431 million of cash and about $312 million available on a revolving credit facility. Ten of its 12 parks were open with capacity limitations. “Attendance trends have improved relative to 2019 during the first quarter of 2021, which included a slight benefit from an earlier Easter/Spring Break period when compared to the first quarter of 2019,” Chief Executive Marc Swanson said in a statement. “We are encouraged by our guests desire to visit and spend at our parks and believe this is a good indicator for expected demand during our peak summer season.” Shares were not active premarket but have gained 68% in the year to date, while the S&P 500 SPX, -0.19% has gained 11%.

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