Seaworld Entertainment (SEAS) Misses Q2 EPS by 16c, Offers Guidance, Announces $250M Buyback

Seaworld Entertainment (NYSE: SEAS) reported Q2 EPS of $0.43, $0.16 worse than the analyst estimate of $0.59. Revenue for the quarter came in at $405.2 million versus the consensus estimate of $445.29 million.

Guidance: For the full year of 2014, the Company now expects full year 2014 revenue and Adjusted EBITDA to be down in the range of 6-7% and 14-16%, respectively, compared to the prior year. This guidance assumes full year revenue trends similar to the first half of the year and improving Adjusted EBITDA trends in the second half of the year due to a partial year benefit of the cost reduction initiatives described earlier in the release.

Share Repurchase Program: The Company also announced that its Board of Directors has authorized the repurchase of up to $250 million of its common stock beginning on January 1, 2015. Under the repurchase program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. The number of shares to be purchased and the timing of purchases will be based on the level of the Company's cash balances, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions, and alternative investment opportunities.

For earnings history and earnings-related data on Seaworld Entertainment (SEAS) click here.

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