SeaWorld sees jump in attendance, revenue
Q1 results top Wall Street expectations
ORLANDO, Fla. – Orlando-based SeaWorld Entertainment Inc. reported Tuesday that its total revenue increased by $30.8 million or 16.5 percent from the first quarter of 2017.
The entertainment giant also said attendance increased by 0.4 million or 14.9 percent to 3.2 million guests from the first quarter of last year.
The results exceeded Wall Street expectations.
"We are happy about the progress we made in the first quarter and the continued positive results we are seeing year-to-date in April and are laser-focused on continuing to execute as we enter the peak summer season," said John Reilly, interim CEO of SeaWorld Entertainment, Inc. "Our first quarter results were mainly driven by our new marketing and communications initiatives, the anticipation and receptivity of our new rides, attractions and events and new promotional pricing strategies. Attendance also benefited from the earlier timing of the Easter holiday in 2018.
Reilly said the company saw a 10 percent increase in season pass sales.
The company's net loss for Q1 was $62.8 million, compared to a net loss of $61.1 million in the first quarter of 2017. The loss includes about $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual in the first quarter of 2018. The company said it typically incurs a net loss in the first quarter because only five of its 12 parks are open for the full quarter.
SeaWorld shares have increased 17 percent since the beginning of the year. The stock has declined slightly more than 9 percent in the last 12 months.
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