SeaWorld Entertainment Q3 Earnings Miss Estimates

SeaWorld Entertainment Inc SEAS reported third-quarter FY21 sales of $521.21 million, missing the analyst consensus of $536.55 million. Revenue increased by 10.0% versus 3Q19. The company reported revenues of $106.12 million last year.
Attendance was 7.2 million guests, an increase of 5.7 million guests from last year. Attendance declined by 11.0% versus 3Q19.
Q3 results continued to be impacted by the COVID-19 pandemic, the company noted, as international travel restrictions for guests outside of the U.S. and limited group-related attendance adversely affected attendance and revenue.
Revenue per capita increased 6.2% Y/Y to $72.13, and in-park per capita spending rose 12.8% to $31.07.
Total costs and expenses rose 95.1% Y/Y to $323 million. The operating margin was 38%, and operating income for the quarter was $198.2 million.
Adjusted EBITDA of $265.3 million rose 28.2% compared to 3Q19.
EPS of $1.28 missed the analyst consensus of $1.67.
The company held $553.6 million in cash and equivalents as of September 30, 2021. Cash flow from operations totaled $168.4 million in the quarter, with a free cash flow of $139.7 million.
Price Action: SEAS shares traded lower by 5.50% at $65 in premarket on the last check Tuesday.