SeaWorld reports Q4 EPS (24c), consensus (19c)
Reports Q4 revenue $265.5, consensus $260.66M. Fourth quarter attendance was down 2.7% from the prior year fourth quarter compared to full year 2017 attendance which was down 5.5% from prior year. Fourth quarter 2017 total revenue per capita was up 2.0% from the prior year fourth quarter compared to full year 2017 total revenue per capita which was down a modest 0.6% from prior year. Fourth quarter 2017 Adjusted EBITDA was down $3.5M compared to the fourth quarter of 2016. However, the fourth quarter 2017 Adjusted EBITDA calculation does not reflect approximately $3.8M of adjustments due to certain limitations in the company's credit agreement. "We are encouraged by the improvements we saw in the business in the fourth quarter," said John Reilly, Interim CEO of SeaWorld Entertainment, Inc. "Our fourth quarter results were favorably impacted by the continued strong reception of our Halloween and Christmas events. We saw positive trends from our 300-mile and in guests from many of our parks and we saw an increase in overall admission per capita and in-park per capita spending. We did continue to see some weakness from our international and U.S. domestic guests which we plan to specifically address with our 2018 sales and marketing initiatives." Looking ahead to 2018 we are excited to see positive trends," continued Reilly. "Year-to-date attendance and season pass sales to date have increased year-over-year, led by our SeaWorld San Diego park which is rebounding from a difficult 2017. We have one of the most compelling line-ups of new rides, attractions or events across our parks that we have ever had. We are implementing new pricing and ticketing strategies combined with new sales and marketing initiatives that we believe will help drive attendance, revenue and Adjusted EBITDA across our parks. We also remain on track to deliver the previously announced $40M in total net cost savings by the end of 2018 and the additional $25M of previously announced cost savings. With our highly compelling product lineup, updated pricing strategies and aggressive marketing and advertising plans, we are confident that we are well-positioned to deliver strong financial performance in 2018."