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Six Flags Reports Smaller-Than-Expected Loss in Q1

Stock Markets May 13, 2022 01:08
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© Reuters.

By Sam Boughedda

Investing.com -- Six Flags Entertainment (NYSE:SIX) announced its first-quarter results before the open Thursday, with the amusement park company reporting a smaller-than-expected loss after attendance increased. 

Revenue exceeded analysts' forecasts of $120.57 million, coming in at $138.11 million. Furthermore, revenue increased 68% compared to its prior-year quarter, driven by higher attendance and spending per capita. Attendance increased 25%, and spending per capita grew 34% to $75.46 million.

The company also reported a smaller-than-expected loss per share of $0.76 compared to analysts' estimates of $1.02.

In addition, Six Flags benefitted from an increase in operating days this quarter compared to the prior quarter, which was negatively impacted by pandemic-related closures.

"We have reoriented our culture to prioritize the guest in everything we do, and we fundamentally believe this will drive significant and sustainable long-term earnings growth," said Six Flags President and CEO Selim Bassoul. 

Bassoul added that Six Flags has improved its guest experience by "increasing ride uptime" and overall "upgrading our park appearance."

Despite initially rising Thursday, Six Flags shares are now down 3%.

Six Flags Reports Smaller-Than-Expected Loss in Q1
 

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