UPDATE: SeaWorld Entertainment Posts Downbeat Q2 Results, Lowers FY14 Outlook

Shares of SeaWorld Entertainment

dipped more than 10% in pre-market trading after the company reported downbeat second-quarter results and lowered its full-year forecast. The Orlando, Florida-based company posted a quarterly profit of $37.3 million, or $0.43 per share, versus a year-ago loss of $15.9 million, or $0.18 per share. Excluding non-recurring items, the company earned $0.43 per share. Its sales slipped 1% to $405.2 million from $411.3 million. However, analysts were expecting earnings of $0.60 per share on revenue of $448.37 million. Its revenue per capita fell 1.8% in the quarter. Adjusted EBITDA fell to $126.1 million from $127.0 million. Attendance rose 0.3% to 6.6 million. For 2014, SeaWorld now projects sales to drop 6% to 7% versus $1.46 billion in 2013. SeaWorld also announced a $250 million share repurchase program effective January 1, 2015. "We were pleased to report attendance growth in the quarter despite a challenging industry and competitive environment and a tough comparison to the prior year quarter, which included the attendance benefit from opening our largest expansion ever at SeaWorld Orlando. The increase in attendance results from the shift in the timing of Easter and favorable weather, partially offset by lower attendance at our destination parks," Jim Atchison, CEO and President of SeaWorld Entertainment said. SeaWorld shares tumbled 10.12% to $25.30 in pre-market trading.