Six Flags profits plummet after losing more than a million visitors
The company's shares sank more than 15 percent in Wednesday morning's premarket sessions as it released its second-quarter results.
Six Flags posted a net loss just shy of $100 million, compared with profits over $55 million in the same quarter last year. In the same period, attendance of 14.2 million – well below expectations for 15.31 million – fell by 9 percent, with about 1.4 million fewer visitors at its parks.
Adjusted earnings before interest, taxes, depreciation, and amortization are now expected to be between $860 million and $910 million for the year, the company said. Analysts had forecast $1.08 billion.
The company pointed to a smaller base of season-pass holders heading into the final two quarters and a volatile economy for the downgrade.
(Getty Images)
Net revenue rose to $930.4 million, up from $571.6 million a year earlier, but still missed analysts' $982 million forecast. About $389 million of that revenue came from legacy Six Flags parks that were folded into the business as part of its merger with Cedar Fair last July.
Around half a million fewer visitors are expected for the year, which is attributed to several parks removing winter events. Spending per visitor is expected to be slashed by 3 percent.
Prolonged rains, extreme temperatures, and severe storms across Six Flags sites in the critical months of May and June 'adversely affected' guest attendance, the company said.
Adverse weather has meant theme parks across the country experienced a slow start to the summer. Parks will likely be forced to open earlier in the year and stay open into the fall as they attempt to reduce their reliance on the summer months.
Six Flags said it is looking to sell off land and other assets that aren't essential to its primary business.
Richard Zimmerman also announced that he would be stepping down as the company's chief executive by the end of 2025.
He said in a statement that 'it has been an honor to have led such talented teams through critical and transformative periods over the years.'
The board has started the process to find the Charlotte, North Carolina, company's next CEO, 'with the assistance of a leading global executive search firm.'
Zimmerman will continue to serve as CEO until the board has appointed a successor. He will also continue serving as a board director.
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