SeaWorld Entertainment Inc (NYSE:SEAS) stock started off down on Tuesday, but is now up following its earnings report for the third quarter of the year.
SeaWorld Entertainment Inc says that it is moving forward with its turnaround plans for the company to help combat declining park attendance and revenue. The company says that this includes cutting 350 jobs to reduce costs, as well as putting that money toward advertising for new attractions.
The company also notes that it has now finalized its “From Park to Planet” advertising and marketing campaign. It hopes that this, as well as changes to prices for season passes, will help it bring in more customers and overcome the negative reputation it has earned from the Blackfish documentary that came out in 2013.
“Our compelling product lineup, updated pricing strategies, and aggressive marketing and advertising promotion will begin to roll out early next year which we believe will position us well for improved performance in 2018,” Joel Manby, President and CEO of SeaWorld Entertainment Inc, said in a statement.
It has to be hope for 2018 that has SEAS stock on the rise today. The company performance for the third quarter of the year was below estimates with earnings per share of 64 cents on revenue of $437.71 million. Wall Street was looking for earnings per share of 81 cents on revenue of $452.38 million for the third quarter of 2017.
SEAS stock was up 4% as of noon Tuesday, but is down 37% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.