SeaWorld Posts Historic Quarterly Sales Despite Mounting Bottom-Line Losses

in Busch Gardens, SeaWorld, Theme Parks

Entrance to SeaWorld Orlando, Florida theme park

Credit: SeaWorld

This morning, SeaWorld released its first quarter 2023 earnings results and recorded revenues of $293.3 million. Despite the record revenues, however, the Company did experience wider-than-expected bottom-line losses.

Orcas performing at SeaWorld
Credit: SeaWorld

Related: New Food, Drinks, and Shows Coming to SeaWorld in May

Seaworld Entertainment Inc., the operator of marine-themed parks in the U.S., reported its first-quarter earnings results on May 9, 2023. The Company posted a net loss of $16.5 million, or $0.26 per share, compared to a net loss of $9.0 million, or $0.12 per share, in the same period last year. The consensus expectations had SeaWorld losing $0.17 per share for the quarter.

The Company’s revenue increased 8.4% year-over-year to $293.3 million, surpassing analysts’ expectations on Wall Street of $281.3 million. The revenue growth was driven by an 8.6% increase in attendance and a 9.2% increase in total revenue per capita. In addition, the company did experience declines in visitor attendance vs. the first quarter of 2022. The Company attributed the improved attendance to its new attractions, events, pricing strategies, and favorable weather conditions.

In addition to the results, management has highlighted a few items that SeaWorld Guests and investors can look forward to for the rest of the year.

Credit: SeaWorld

Related: SeaWorld Orlando to Open Their Newest Thrill Ride Next Month

According to SeaWorld, for 2023, the Company has an inspiring line-up of new rides, attractions, events, and upgrades, including four of the most anticipated roller coasters of 2023 according to USA Today:

  • In February, Busch Gardens Tampa opened the Serengeti Flyer, the world’s tallest and fastest Screaming Swing that takes riders up 135 feet at speeds reaching 68 miles per hour.

 

  • In March, Aquatica San Antonio opened Kata’s Kookaburra Cove, a newly expanded and upgraded 3,000-square-foot area with multiple unique water play elements, water spouts, all-new private cabanas, a fully-themed splash pad, and numerous shade structures.

 

  • This month, SeaWorld Orlando will open Pipeline: The Surf Coaster, the first-of-its-kind surf coaster, with seats in a surfing position that rise and fall to mimic the sensation of riding a wave. The coaster will accelerate riders to 60 miles per hour through five air-time moments and an innovative ‘wave curl’ inversion; Busch Gardens Williamsburg will open DarKoaster, the first all-indoor straddle coaster in North America where riders experience four launches at speeds up to 36 miles per hour through over 2,400 feet of track; Aquatica Orlando will open Turi’s Kid Cove, an all-new water play area will feature watering palms, tipping buckets, spraying jets, water bobbles, and more. Sesame Place Philadelphia will open Bert & Ernie’s Splashy Shores, a water play area featuring water umbrellas, tipping buckets, spraying jets, water bobbles, and a spraying water tower.

 

  • Later this spring and summer, SeaWorld San Diego will open Arctic Rescue, the fastest and longest straddle coaster on the West Coast that takes riders through three launches at speeds up to 40 miles per hour; Water Country USA will open Riptide Race, the first dueling pipeline slide in Virginia; and Sesame Place San Diego will open The Count’s Splash Castle, an enhanced water play area and expanded play structure which features three tipping buckets, four water slides, and over 100 other water play elements. We anticipate that SeaWorld San Antonio will open Catapult Falls: the world’s first launched flume coaster features the world’s steepest flume drop, North America’s only flume with a vertical lift, and the tallest flume drop in Texas.

Seaworld’s stock rose 6.25% in early trading following the earnings release.

Have you visited any of the SeaWorld-owned Parks lately? If so, do you think prices have increased?

in Busch Gardens, SeaWorld, Theme Parks

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