SeaWorld Cuts 2015 Guidance As Earnings Miss Expectations

By Sara SjolinMarketWatch Pulse

SeaWorld Entertainment Inc. said on Thursday third-quarter profit rose to $98 million, or $1.14 a share, from $87.2 million, or $1 a share, in the year-ago period. Revenue inched higher to $498.9 million from $495.8 million last year. Analysts polled by FactSet expected earnings of $1.18 a share on revenue of $508.5 million. The company cut its full-year 2015 adjusted EBITDA guidance to be in the range of $360 million to $370 million. In August, SeaWorld said it expected adjusted EBITDA for 2015 in the range of flat to up 3% versus 2014's $370.1 million. "Due to adverse weather impacts over the last 6 weeks, which caused park closures at three of our locations over key Halloween event weekends, along with increased costs from legal matters and associated reputation initiatives, we are updating our full year [guidance]," said SeaWorld Chief Executive Joel Manby in the earnings statement. Shares were down 0.6% in thin premarket trade.

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