ORLANDO, Fla. - United Parks & Resorts Inc. (NYSE: PRKS) experienced a decline in its stock by 3.71% following the announcement of its fourth-quarter earnings, which missed analyst expectations.
The leading theme park and entertainment company reported an adjusted earnings per share (EPS) of $0.62, falling short of the consensus estimate of $0.81. Revenue also came in lower than anticipated at $389 million, compared to the analyst forecast of $396.42 million.
The company saw a marginal increase in attendance with a record 5.0 million guests, up approximately 23,000 from the same period last year. However, total revenue decreased by $1.6 million or 0.4% from the fourth quarter of 2022. Net income also saw a downturn, with a decrease of $9.0 million from the previous year's quarter. Despite the challenges, including adverse weather impacts and an unfavorable calendar shift, in-park per capita spending reached a record high, indicating the company's pricing power and consumer spending resilience within its parks.
CEO Marc Swanson highlighted the company's ability to deliver near-record results and grow total revenue per capita for the sixth consecutive year, despite significant weather-related impacts throughout the year. Swanson also noted the success of the first SeaWorld (NYSE:PRKS) park outside the United States in Abu Dhabi and expressed confidence in the company's ability to drive attendance growth and manage costs effectively.
Looking ahead, United Parks & Resorts is optimistic about its plans for 2024, which include a lineup of new attractions and the celebration of SeaWorld Parks' 60th anniversary. The company anticipates meaningful growth and new records in revenue and adjusted EBITDA for the upcoming year.
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