SeaWorld's Earnings Fall Below Expectations

SeaWorld Entertainment Inc. reported Tuesday third-quarter earnings that fell to $65.7 million, or 77 cents a share, from $98.0 million, or $1.14 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.06. Revenue declined 2% to $485.3 million from $496.9 million, just shy of the FactSet consensus of $485.5 million. Attendance was flat, as declines in international attendance and the impact of adverse weather in the northeast U.S. was offset by increases in Florida and improving trends in Texas and California. Revenue per capital fell 2% to $58.18, missing the FactSet consensus of $58.50. The theme park company revised its 2016 outlook for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slightly lower to $310 million to $330 million from $310 million to $340 million. "Overall, we are seeing indications of stabilization, and we believe our results by the end of 2017 and beyond will materially benefit from our focus on significant cost reductions, our brand repositioning, our strategic marketing and pricing initiatives and our continued commitment to consistent and disciplined capital investments," said Chief Executive Joel Manby. The stock, which was still inactive in premarket trade, has plunged 28% year to date, while the S&P 500 has gained 4.3%.