SeaWorld Gains After Posting Revenue Gains Through August
SeaWorld Entertainment Inc. (SEAS) rose 4.7 percent in late trading after reporting that revenue increased 3 percent this year through August.
SeaWorld, based in Orlando, Florida, advanced to $30 in extended trading after the announcement. The stock fell 3.8 percent to $28.65 earlier in New York. It has climbed 6.1 percent since its initial public offering in April.
Admissions revenue was up 4 percent, SeaWorld said in a statement. The company is poised for a record year, based on a previously issued forecast for $430 million to $440 million in adjusted earnings before interest, taxes, depreciation and amortization, it said.
“Performance was particularly strong at our flagship SeaWorld parks in Orlando and San Diego,” Chief Executive Officer Jim Atchison said in the statement.
SeaWorld slumped in late August after it offered discounts including a free children’s ticket for area residents who purchase an adult pass in San Diego, and a 46 percent midweek discount in Orlando for tickets bought online.
Attendance fell 9 percent in the second quarter, Chief Financial OfficerJames Heaney said in August when the company reported its results. For the first half of 2013, admissions revenue climbed 3.8 percent to $407.4 million, SeaWorld said on Aug. 13. Total revenue advanced 1.8 percent to $649.9 million.
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