We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SeaWorld's (SEAS) Q3 Earnings Meet, Revenues Beat, Down Y/Y
Read MoreHide Full Article
SeaWorld Entertainment, Inc. reported third-quarter 2023 results, with earnings meeting the Zacks Consensus Estimate and revenues topping the same. On the other hand, both metrics declined on a year-over-year basis.
The company’s results were affected by adverse weather impacts during its peak operating season across most of its markets, reflecting lower attendance of guests. That said, the company intends to focus on its strategic growth initiatives related to hotels, international expansion and digital activities accompanied by increasing its in-park product offerings and cost management plans. These initiatives are quite likely to aid it in growing its revenues and profitability in the upcoming period.
Following the results, shares of this theme park and entertainment company declined 1.6% during the trading session on Nov 8.
Inside the Headlines
SeaWorld reported adjusted earnings of $1.92 per share, which met the Zacks Consensus Estimate. In the prior-year quarter, the company reported adjusted earnings per share of $1.99.
SeaWorld Entertainment, Inc. Price, Consensus and EPS Surprise
Total revenues of $548.2 million surpassed the consensus estimate of $547.8 million by 0.1%. However, the metric decreased 3% year over year.
Quarterly Highlights
In the third quarter of 2023, admission revenues declined 4.4% to $299.8 million from the prior-year reported value of $313.6 million. The food, merchandise and other revenues also decreased 1.3% year over year to $248.5 million.
In the reported quarter, SeaWorld’s total revenue per capita declined 0.2% to $76.9 year over year thanks to a 1.6% decline in admission per capita to $42.1 compared with the prior year.
Operating Highlights
During the third quarter, the selling, general and administrative expenses of SeaWorld were $59.7 million, up 12.5% year over year. Yet, the total costs and expenses of the company declined 0.7% to $345 million year over year.
The company’s adjusted EBITDA in the reported quarter was $266.4 million, down from $274.2 million reported in the prior-year quarter. Adjusted EBITDA margin expanded 10 basis points to 48.6% year over year.
Financial Details
As of Sep 30, 2023, SeaWorld recorded cash and cash equivalents of $215.2 million compared with $79.2 million reported at 2022 end. Long-term debt (including current maturities) as of the end of third-quarter 2023 was $2,128.5 million, down from $2,137.5 million reported at 2022 end.
Net cash provided by operating activities was $398.5 million in the first nine months of 2023 compared with $468.9 million in the comparable year-ago period.
Choice Hotels International, Inc. (CHH - Free Report) delivered mixed third-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Also, the top and bottom lines increased on a year-over-year basis.
The year-over-year growth is attributable to the company’s top-tier business delivery engine, synergies through the successful integration of Radisson Americas and organic growth of its brand portfolio, focused on hotels that generate higher royalties per unit. The company also aims to remain focused on its robust organic earnings growth strategy and pursues inorganic growth to drive long-term shareholder value.
Hyatt Hotels Corporation (H - Free Report) delivered third-quarter 2023 results, wherein earnings surpassed the Zacks Consensus Estimate, while revenues missed the same. However, both metrics increased on a year-over-year basis.
Hyatt’s quarterly results reflected year-over-year growth in comparable system-wide revenue per available room (RevPAR), driven by an increase in occupancy and average daily rate. This uptrend is primarily driven by robust global travel demand, especially among leisure guests and group customers. Also, net room growth fueled solid fee generation, which the company expects to continue in the upcoming period, given the positive trends. However, increased costs and expenses, foreign currency risks and the ongoing macroeconomic uncertainties partially offset the aforementioned tailwinds.
Marriott International, Inc. (MAR - Free Report) reported impressive third-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
The results were primarily driven by robust leisure demand and solid global booking trends. Also, substantial RevPAR growth in international markets added to the upside. At the end of third-quarter 2023, Marriott's development pipeline totaled 3,200 hotels, with approximately 557,000 rooms.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SeaWorld's (SEAS) Q3 Earnings Meet, Revenues Beat, Down Y/Y
SeaWorld Entertainment, Inc. reported third-quarter 2023 results, with earnings meeting the Zacks Consensus Estimate and revenues topping the same. On the other hand, both metrics declined on a year-over-year basis.
The company’s results were affected by adverse weather impacts during its peak operating season across most of its markets, reflecting lower attendance of guests. That said, the company intends to focus on its strategic growth initiatives related to hotels, international expansion and digital activities accompanied by increasing its in-park product offerings and cost management plans. These initiatives are quite likely to aid it in growing its revenues and profitability in the upcoming period.
Following the results, shares of this theme park and entertainment company declined 1.6% during the trading session on Nov 8.
Inside the Headlines
SeaWorld reported adjusted earnings of $1.92 per share, which met the Zacks Consensus Estimate. In the prior-year quarter, the company reported adjusted earnings per share of $1.99.
SeaWorld Entertainment, Inc. Price, Consensus and EPS Surprise
SeaWorld Entertainment, Inc. price-consensus-eps-surprise-chart | SeaWorld Entertainment, Inc. Quote
Total revenues of $548.2 million surpassed the consensus estimate of $547.8 million by 0.1%. However, the metric decreased 3% year over year.
Quarterly Highlights
In the third quarter of 2023, admission revenues declined 4.4% to $299.8 million from the prior-year reported value of $313.6 million. The food, merchandise and other revenues also decreased 1.3% year over year to $248.5 million.
In the reported quarter, SeaWorld’s total revenue per capita declined 0.2% to $76.9 year over year thanks to a 1.6% decline in admission per capita to $42.1 compared with the prior year.
Operating Highlights
During the third quarter, the selling, general and administrative expenses of SeaWorld were $59.7 million, up 12.5% year over year. Yet, the total costs and expenses of the company declined 0.7% to $345 million year over year.
The company’s adjusted EBITDA in the reported quarter was $266.4 million, down from $274.2 million reported in the prior-year quarter. Adjusted EBITDA margin expanded 10 basis points to 48.6% year over year.
Financial Details
As of Sep 30, 2023, SeaWorld recorded cash and cash equivalents of $215.2 million compared with $79.2 million reported at 2022 end. Long-term debt (including current maturities) as of the end of third-quarter 2023 was $2,128.5 million, down from $2,137.5 million reported at 2022 end.
Net cash provided by operating activities was $398.5 million in the first nine months of 2023 compared with $468.9 million in the comparable year-ago period.
Zacks Rank
SeaWorld currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Recent Consumer Discretionary Releases
Choice Hotels International, Inc. (CHH - Free Report) delivered mixed third-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Also, the top and bottom lines increased on a year-over-year basis.
The year-over-year growth is attributable to the company’s top-tier business delivery engine, synergies through the successful integration of Radisson Americas and organic growth of its brand portfolio, focused on hotels that generate higher royalties per unit. The company also aims to remain focused on its robust organic earnings growth strategy and pursues inorganic growth to drive long-term shareholder value.
Hyatt Hotels Corporation (H - Free Report) delivered third-quarter 2023 results, wherein earnings surpassed the Zacks Consensus Estimate, while revenues missed the same. However, both metrics increased on a year-over-year basis.
Hyatt’s quarterly results reflected year-over-year growth in comparable system-wide revenue per available room (RevPAR), driven by an increase in occupancy and average daily rate. This uptrend is primarily driven by robust global travel demand, especially among leisure guests and group customers. Also, net room growth fueled solid fee generation, which the company expects to continue in the upcoming period, given the positive trends. However, increased costs and expenses, foreign currency risks and the ongoing macroeconomic uncertainties partially offset the aforementioned tailwinds.
Marriott International, Inc. (MAR - Free Report) reported impressive third-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
The results were primarily driven by robust leisure demand and solid global booking trends. Also, substantial RevPAR growth in international markets added to the upside. At the end of third-quarter 2023, Marriott's development pipeline totaled 3,200 hotels, with approximately 557,000 rooms.