SeaWorld Results Miss Expectations As Attendance Drops

SeaWorld Entertainment Inc. reported a first-quarter loss that narrowed to $61.1 million, or 72 cents a share, from $84.0 million, or $1.00 a share, in the same period a year ago. The FactSet consensus was for a loss per share of 55 cents. Revenue fell 15% to $186.4 million, missing the FactSet consensus of $205.5 million. Attendance fell 15% to 2.81 million guests, below the FactSet consensus of 3.1 million, while the 0.6% decline in revenue per capita declined to $66.41 missed expectations of $67.10. The company results were "largely impacted" by a shift in the timing of spring break holidays, associated with Easter moving into the second quarter. "Given the improving attendance trends we saw in April, and the incredibly robust lineup of new attractions we are launching in the coming weeks, we are well-positioned going into our seasonally important second and third quarters," said Chief Executive Joel Manby. The stock, which was still inactive in premarket trade, has shed 7.3% year to date, while the S&P 500 has gained 7.2%.