SeaWorld swings to larger-than-expected loss, revenue beats forecasts

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SeaWorld Entertainment Inc. reported Thursday that it swung to a larger-than-expected third-quarter loss, as the COVID-19 pandemic had a significant negative impact on results, while revenue fell less than forecast as admission revenue per guest increased. The stock was still inactive in premarket trading. The theme park operator reported a net loss of $79.2 million, or $1.01 a share, after net income of $98.0 million, or $1.24 a share, in the year-ago period. The FactSet consensus for per-share losses was 83 cents. Revenue dropped 77.6% to $106.1 million but beat the FactSet consensus of $99.1 million. Attendance sank 80.5% to 1.6 million guests, while admission per capita increased 22.4% to $40.39, to beat expectations of $37.90. The company said it reopened three parks during the quarter, and had 10 of its 12 parks open as of the end of September. The stock has tumbled 26.3% year to date, while the S&P 500 has gained 6.6%.
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