SeaWorld Misses Sales Expectations As Florida Parks Attendance Drops

SeaWorld Entertainment Inc. reported Thursday second-quarter earnings that rose to $17.8 million, or 21 cents a share, from $5.8 million, or 7 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 21 cents, matching the FactSet consensus. Revenue fell to $371.1 million from $391.6 million, missing the FactSet consensus of $375.2 million, as attendance declined 7.6%, or by 494,000 guests, because of a drop in attendance at its Florida parks. Total revenue per capita increased to $62.02 from $60.45, above the FactSet consensus of $60.10. For 2016, the company cut its outlook for earnings before interest, taxes, depreciation and amortization (EBITDA) to a range of $310 million to $340 million from $335 million to $365 million. "While implementation of our plan through the first half of 2016 is delivering early indications of progress outside of Florida, second quarter overall was below expectations we shared in May, primarily due to an accelerated decline in Latin American guests at our Florida park locations, an overall downturn in the Orlando market in the latter half of June, and the impact of Tropical Storm Colin," said Chief Executive Joel Manby. The stock, which was still inactive in premarket trade, has tumbled 25% year to date, while the S&P 500 has gained 5.9%.

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