SeaWorld Loss Narrows, Sales Beat Estimates

SeaWorld Entertainment Inc. said Thursday it had a net loss of $3.6 million, or 51 cents a share, in the first quarter, after a loss of $49.2 million, or 56 cents a share, in the year-earlier period. Revenue rose to $214.6 million from $212.3 million. The FactSet consensus was for a loss of 51 cents and revenue of $211 million. The theme park operator said attendance rose to 3.2 million from 3.0 million a year ago, boosted by the timing of Easter and increased promotions. Looking ahead, "we remain cautious as the first quarter accounts for a relatively small portion of full year attendance, competitive pressures remain in Orlando and our marketing and reputation campaigns are still in their early stages," Chief Executive Joel Manby said in a statement. SeaWorld has struggled since the release of the documentary "Blackfish", which alleged cruelty in the way SeaWorld handles its orca whales. Shares are down about 30% in the last 12 months, although they are up 20% in the year so far, compared with a 1% gain by the S&P 500.