Six Flags Entertainment Posts Q2 Earnings Below Street View

Six Flags Entertainment Corp SIX reported second-quarter FY23 sales growth of 2% year-on-year to $443.71 million, missing the analyst consensus of $459.03 million.

Attendance was 7.1 million guests in the quarter, a 6% Y/Y increase. Total guest spending per capita was $60.76, down 5% Y/Y.

The increase in attendance was driven primarily by increased pass sales in the second quarter of 2023 versus the prior period.

In-park spending per capita decreased by 2% to $26.97.

The operating income fell 21.9% to $113.3 million, with an operating margin of 25.5%.

Adjusted EBITDA for the quarter increased 5% to $161 million.

Adjusted EPS for the quarter of $0.72 missed the estimate of $0.78.

The company held $51.6 million in cash and equivalents as of July 2, 2023. Operting cash flow for six-months was $84.6 million.

CEO Selim Bassoul said, "Despite a challenging weather backdrop in the first half of the year, we are seeing a return to a solid growth trajectory in attendance, revenue and earnings."

Price Action: SIX shares traded lower by 2.19% at $22.35 premarket Thursday.