Why SeaWorld Entertainment (SEAS) Shares Are Trading Higher Today

SeaWorld Entertainment Inc (NYSE: SEAS) reported first-quarter FY23 sales growth of 8.4% year-on-year to $293.35 million, beating the consensus of $282.93 million.
The entertainment and theme park operator registered EPS of ($0.26) loss, missing the consensus of ($0.16) loss.
While higher admissions and in-park per capita spending bolstered quarterly revenues, earnings were hit by lower attendance.
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Attendance was 3.38 million guests, down by 0.7% from last year. Adverse weather in the California market and a shift in the timing of the opening of new rides marred attendance during the quarter.
Adjusted EBITDA was $72.4 million, an increase of 9.8% from the first quarter of 2022.
Revenue per capita increased 9.2% Y/Y to $86.84, and in-park per capita spending rose 8.9% to $38.33.
The operating margin was 4.01%, up by 31 bps, as the operating income improved by 17.4% Y/Y.
The company held $54.76 million in cash and equivalents at quarter-end.
CEO Marc Swanson said, "Looking ahead, we are very encouraged by our group booking trends which are running well ahead of 2022 and we are really excited about our 2023 lineup of new rides, attractions and events – several of which are some of the most anticipated rides of 2023 - and looking forward to most of them opening in the coming weeks."
"On the international front, we are also very thrilled for the opening of the fourth SeaWorld park and first SeaWorld branded park outside of the United States in Abu Dhabi on May 23, 2023."
Price Action: SEAS shares traded higher by 4.74% at $59.11 on the last check Tuesday.
Photo Via Company

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Why SeaWorld Entertainment Shares Are Trading Higher Today