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Six Flags Entertainment Corp.’s stock
SIX,
slid 5% premarket Thursday, after the theme park operator posted weaker-than-expected second-quarter earnings and revenue that fell short of estimates. The Arlington, Texas-based company had net income of $21 million, or 25 cents a share, for the quarter to July 2, down from $45 million, or 53 cents a share, in the year-earlier period. Revenue rose 2% to $444 million from $435 million. The FactSet consensus was for EPS of 78 cents and revenue of $465 million. Revenue was crimped by a $3.11 decline in total guest spending per capita, comprised of the $2.56 decrease in admissions spending and a 55 cent decrease in in-park spending. “The decrease in admissions spending per capita was driven primarily by lower average pricing on season passes in second quarter 2023 versus second quarter 2022. The decrease in in-park spending per capita was driven primarily by lower spend on parking, retail, and flash passes, resulting from a higher mix of attendance from season passes in second quarter 2023 versus the prior year,” the company said in a statement. EPS was curbed by an increase in self-insurance reserves, which increased SG&A expenses. The stock is down 1.7% in the year to date, while the S&P 500
SPX,
has gained 16%.
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