SeaWorld Entertainment Inc. (NYSE: SEAS) announced its third-quarter earnings early Tuesday, surpassing expectations despite facing challenging weather conditions. The company reported a net income of $123.6 million, or $1.92 per share, for the quarter, a slight decrease from $134.6 million, or $1.99 per share, in the same period last year.
Revenue for the quarter experienced a 3% decline, amounting to $548.2 million, compared to the FactSet consensus of $547.0 million. Despite the decrease, SeaWorld remains optimistic about its financial performance in the face of adverse weather conditions during its peak operating season across most markets.
According to CEO Marc Swanson, the company is encouraged by the double-digit percentage increase in revenue bookings for 2024. Furthermore, SeaWorld expects its pass benefits program to contribute to a rise in pass sales for the year.
Although the stock has fallen 12% year-to-date, contrasting with the 14% gain of the S&P 500 (NYSE: SPX), it is yet to be active premarket.
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