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SeaWorld Entertainment Inc Pushes Higher on Q3 Earnings Results

Attendance is down in the company's third quarter

SeaWorld Entertainment Inc (NYSE:SEAS) posted its fiscal third-quarter report on Tuesday.

SeaWorld Entertainment Inc

The company revealed that attendance over the period slipped 0.4% to 8.3 million due to difficult weather in the North East. Hurricane Hermine was especially strong this year, starting from Florida and raging up and down the East Coast in late August.

Revenue over the third quarter amounted to $485.3 million, which is lower than the $496.9 million raked in by SeaWorld a year ago. Earnings came in at 77 cents per diluted share, which was lower than expectations, as well as last year’s $1.14 per share in the third quarter.

Attendance was not great for the company, but it wasn’t exactly disappointing as it was flat. Its Florida park locations saw a 1.3% increase over the course of the three-month period, thanks in part to new attractions.

Fewer consumers are coming in from Latin America to visit SeaWorld locations in Florida, due to a number of economic troubles in several countries. This demographic has a 28% lower attendance compared to a year ago.

SeaWorld is also planning on cutting costs through a new plan that will reduce spending by $65 million, which will help the company save $40 million by 2016’s end. CEO Joel Manby said the company is “using our capital more efficiently, introducing more new attractions with fewer dollars.”

SEAS shares popped 5.3% Tuesday.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/11/seaworld-entertainment-inc-seas/.

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