SeaWorld posts better-than-expected Q2 earnings
SeaWorld Entertainment Inc. posted better-than-expected earnings for the second quarter, but said COVID continued to weigh and the numbers do not yet represent a normalized environment as it works to improve execution. The company posted net income of $116.6 million, or $1.62 a share, for the quarter, down from $127.8 million, or $1.59 a share, in the year-earlier period. Revenue rose 15% to $504.8 million from $439.8 million. The FactSet consensus was for EPS of $1.54 and revenue of $504.0 million. Guest attendance totaled 6.3 million guests, up 7.8% from a year ago. “While our second quarter and first half financial results were strong, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial results,” CEO Marc Swanson said in a statement. July revenue continued to grow from a record July 2021, however, and was up abut 20% compared to July of 2019, and the company is expecting another “solid summer.” The company announced a new $250 million share buyback program. Shares were not yet active premarket, but have fallen 24% in the year to date, while the S&P 500 has fallen 13%.
