Seaworld Entertainment (SEAS) Misses Q3 EPS by 12c

Seaworld Entertainment (NYSE: SEAS) reported Q3 EPS of $1.01, $0.12 worse than the analyst estimate of $1.13. Revenue for the quarter came in at $495 million versus the consensus estimate of $495.4 million.

The decrease in total revenue in the third quarter of 2014 was primarily driven by a 5.2% decline in attendance, along with a 2.9% decline in total revenue per capita from $60.74 in the third quarter of 2013 to $58.99. The prior year quarter in 2013 yielded record results in revenue driven by the Company's SeaWorld-branded parks partly due to the addition of Antarctica: Empire of the Penguin®, the Company's largest expansion ever at its SeaWorld® Orlando park. Admission per capita, defined as admissions revenue divided by total attendance, decreased by 5.0% from $38.38 to $36.47 primarily as a result of an unfavorable change in the park attendance mix and an increase in promotional offerings compared to the prior year quarter. In-park per capita spending, calculated as food, merchandise and other revenue divided by total attendance, increased slightly from $22.36 to $22.53 in the third quarter of 2014.

Attendance declined when compared to the prior year quarter, as trends the Company began to experience in the second quarter of 2014, primarily at its destination parks, extended into the Company's peak operating quarter. The Company believes the decline results from a combination of factors including negative media attention in California along with a challenging competitive environment, particularly in Florida. The competitive challenges in Florida relate to significant new attraction offerings at competitor destination parks, along with a delay in the scheduled opening of one of the Company's new rides at its Busch Gardens® Tampa park.

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

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