Seaworld Entertainment ( (PRKS) ) has released its Q3 earnings. Here is a breakdown of the information Seaworld Entertainment presented to its investors.
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United Parks & Resorts Inc., a prominent player in the theme park and entertainment industry, operates a wide range of popular parks including SeaWorld and Busch Gardens, and is recognized for its extensive animal rescue efforts and innovative attractions. The company recently released its financial results for the third quarter and first nine months of 2024, indicating a mixed performance with slight declines in certain metrics due to external factors but overall resilience. Key financial highlights include a 1.4% decrease in third-quarter attendance to 7.0 million guests, and a slight drop in total revenue by 0.4% to $545.9 million. Net income for the third quarter stood at $119.7 million, down 3.1% from the previous year, while adjusted EBITDA fell by 3.0%. However, total revenue per capita increased by 1.0%, reflecting strong spending within the parks. For the first nine months, total revenue reached a record $1,340.9 million, and net income rose by 2.8% to $199.6 million. The company also successfully expanded its revolving credit facility and repurchased 4.9 million shares, reflecting its focus on shareholder value. Despite weather challenges impacting attendance, the company remains optimistic about future demand, supported by strong forward bookings and new attractions planned for 2025. Management is confident in its strategic initiatives and anticipates growth in revenue, profitability, and shareholder value.
