SeaWorld Entertainment Stock Slides On Q3 Miss

SeaWorld Entertainment Inc SEAS reported third-quarter FY22 sales growth of 8.4% year-on-year to $565.20 million, missing the consensus of $606.16 million.
Attendance was 7.3 million guests, an increase of 1.5% from last year. Attendance declined by 9.7% versus 3Q19.
Attendance benefitted largely from an increase in demand primarily from international guests when compared to prior year, which was impacted by more severe COVID-19 related restrictions on international travel.
Revenue per capita increased 6.8% Y/Y to $77.05, and in-park per capita spending rose 10.4% to $34.30.
Total costs and expenses rose 7.6% Y/Y to $347.5 million. The operating margin was 38.5%, and operating income for the quarter was $217.6 million.
Adjusted EBITDA of $274.2 million rose 32.5% compared to 3Q19.
EPS of $1.99 missed the analyst consensus of $2.13.
The company held $109.5 million in cash and equivalents as of September 30, 2022. Cash flow from operations totaled $169.2 million in the quarter, with a free cash flow of $119.5 million.
Price Action: SEAS shares traded lower by 8.42% at $51.87 on the last check Wednesday.
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