Shares of SeaWorld Entertainment tumbled 10% in premarket trade after the theme park operator reported disappointing second-quarter results, and cut its full-year sales outlook. 

The company said second-quarter profit came in at $37.3 million, or 43 cents a share, compared with a loss of $15.9 million, or 18 cents a share, in the year-earlier period. 

Excluding non-recurring items, earnings of 43 cents a share missed the FactSet consensus estimate of 59 cents a share. Sales fell 1% from last year to $405.2 million, below analysts forecasts of $446 million, amid a 1.8% drop in revenue per capita. 

For 2014, the theme park operator now expects sales to decline 6% to 7% from 2013's $1.46 billion, while analysts have been projecting an increase to $1.5 billion. 

The company said it would announce initiatives to cut costs in the coming days. Separately, SeaWorld announced a $250 million share buyback program, effective Jan. 1, 2015.

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