SeaWorld swings to wider-than-expected loss as revenue drops 96%

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Shares of SeaWorld Entertainment Inc. were indicated down more than 3% in premarket trading Monday, after the theme park operator reported that it swung to a wider-than-expected second-quarter loss with revenue tumbling 96%, as the COVID-19 pandemic led to park closures. The net loss was $131.0 million, or $1.68 a share, after net income of $52.7 million, or 64 cents a share, in the year-ago period, with results including $3.9 million in expenses associated with reopening costs. The FactSet consensus for net loss per share was 96 cents. Revenue fell 95.6% to $18.0 million from $406.0 million, below the FactSet consensus of $26.9 million, as attendance dropped 95% to about 300,000 guests. The company said it had cash and cash equivalents of about $376 million as of June 30, down from $400 million as of April 30, representing an average monthly cash outflow of about $12 million per month. The stock has dropped 46.7% year to date through Friday, while the S&P 500 has gained 3.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.