SeaWorld Entertainment Loss Widens, But Results Top Street

(RTTNews) - Theme parks operator SeaWorld Entertainment Inc (SEAS), Thursday reported a loss for the fourth quarter that widened from a year ago, due to weak margins and lower income tax benefit.

Meanwhile revenue for the quarter grew 3 percent mainly on the strength of attendance at its eponymous parks in Orlando, San Diego, and San Antonio. Results for the quarter topped Wall Street estimates.

Moving forward, SeaWorld provided some weak revenue guidance for 2014.

SeaWorld, which went public in April 2013, operates 11 parks.

The Orlando, Florida-based company posted a fourth-quarter net loss of $13.5 million or $0.15 per share, compared with a loss of $8.8 million or $0.11 per share last year.

Excluding items, adjusted loss for the quarter was $11.6 million or $0.13 per share. On average, 10 analysts polled by Thomson Reuters expected a loss of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.

SeaWorld said it typically incurs a net loss in the fourth quarter and the current quarter as well.

Meanwhile revenue for the fourth quarter grew to $272 million from $263 million last year. Nine analysts had a consensus revenue estimate of $271.42 million for the quarter.

Growth was led by a 4.8 percent increase in total revenue per capita at $60.91, partly offset by a drop in attendance. Admission revenue climbed 3 percent, and food, merchandise and other revenue climbed 4 percent.

Total expenses for the quarter was up by 2 percent at $271.4 million. Also results were weighed down by a reduction in income tax benefit of $7 million, compared to $18.8 million last year.

For fiscal year 2014, SeaWorld projects revenue of $1.49 billion to $1.52 billion, while analysts currently expect $1.53 billion.

SeaWorld stock closed Thursday at $31.51, down $0.86 or 2.66%, on a volume of 1.2 million shares on the NYSE. In after hours, the stock dropped $0.11 or 0.35% at $31.40.