SeaWorld Entertainment Inc (NYSE:SEAS) stock is sinking today after the company reported falling attendance in 2017.
SeaWorld Entertainment Inc notes that its attendance for the first half of 2017 was down by 353,000 when compared to the same time last year. It says that the major locations that saw drops in attendance were its Orlando and San Diego parks.
SeaWorld Entertainment Inc is attributing its drop in attendance at its Orlando park to a decrease in advertising and strong competition from its rivals. The company says that negative customer perception was likely the cause for attendance dropping at its San Diego park.
SEAS stock also wasn’t helped today by its earnings report for the second quarter of 2017. The company reported revenue of $373.75 million during the quarter. This is an increase over its revenue of $371.14 million from the same time last year. However, it didn’t reach Wall Street’s revenue estimate of $394.39 million for the quarter.
Losses per share of $2.05 reported by SeaWorld Entertainment Inc for the second quarter of the year also wasn’t good for SEAS stock. This is a drop from its earnings per share of 21 cents from the second quarter of 2016. It also fell way short of analysts’ earnings per share estimate of 32 cents for the second quarter of 2017.
SeaWorld Entertainment Inc reported a net loss of $175.85 million during its second quarter of 2017. The entertainment company reported net income of $17.77 million in the second quarter of the previous year.
SEAS stock was down 5% as of noon Tuesday and is down 32% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.