Six Flags (NYSE:SIX) earnings for the amusement park company’s fourth quarter of 2019 have SIX stock falling hard on Thursday. This is after reporting diluted losses per share of -13 cents. That’s well below Wall Street’s estimate for earnings per share (EPS) of 15 cents for the quarter. However, revenue of $261 million does manage to beat analysts’ estimates of $260.11 million.
Here’s what else is worth noting from the most recent Six Flags earnings report.
- Diluted per-share losses were a major drop from diluted EPS of 93 cents in Q4 2018.
- Revenue for the period was down 3.15% from $269.5 million during the same time last year.
- The Six Flags earnings report also included a net loss of -$11.16 million.
- That’s nowhere close to the company’s net income of $79.42 million from the same period of the year prior.
Mike Spanos, President and CEO of Six Flags, said this about the SIX stock earnings:
“We are working diligently to formulate a new strategic plan with the goal of restoring sustainable growth in attendance, revenue and profitability, and also to add directors with critical skills and experiences to our board. We will continue our consumer-centric approach, while focusing our organization on action, creativity, and relentless execution for the benefit of our guests, our employees, and our shareholders”
The Six Flags earnings report also notes that it doesn’t expect things to get better in 2020. This includes the company saying that it will face several headwinds that will affect its performance. It plans to invest in its base business to try to overcome these obstacles.
SIX stock finished the day down nearly 16%.
As of this writing, William White did not hold a position in any of the aforementioned securities.
