SeaWorld (NYSE:SEAS) earnings for first quarter of 2020 have SEAS stock up on Friday. That’s despite it reporting diluted losses per share of 72 cents on revenue of $153.56 million. These both miss Wall Street’s estimates of 67 cents per share and revenue of $174.38 million.
Let’s take a deeper dive into the most recent SeaWorld earnings report below.
- Diluted per-share losses are 63.6% wider than the 44 cents from the same time last year.
- Revenue comes in 30.4% lower than the $220.58 million in the first quarter of 2019.
- Operating loss of $57.57 million is 83.9% worse year-over-year than $31.3 million.
- The SeaWorld earnings report also includes a net loss of $56.52 million.
- That’s a 52.7% increase in net loss from the $37.02 million reported in the same period of the year prior.
- Attendance dropped by 1 million from the first quarter of the previous year to 2.3 million guests.
Marc Swanson, interim CEO of SeaWorld, said this about the earnings report:
“In response to COVID-19 we took the extraordinary step to close all of our parks on March 16, 2020. Prior to the closure of our parks, we had a strong start to 2020, with record-setting results through February. This performance was a continuation of the strong financial results we have delivered over the last two years, which we believe demonstrates the successful execution of our strategic initiatives related to marketing and communications, pricing, cost and capital efficiencies and new rides, attractions and events.”
SeaWorld doesn’t discuss its outlook for 2020 in the earnings report. That makes sense with the novel coronavirus keeping its parks closed.
SEAS stock was up 2.4% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.