United Parks & Resorts (NYSE:PRKS) reported lower second-quarter revenue and earnings as attendance declined following an unfavorable Easter calendar shift and reduced international visitation, while higher in-park spending partly offset the pressure.
Total revenue for the second quarter was $483.3 million, down $6.9 million, or 1.4%, from the year-earlier period, Interim Chief Financial Officer and Treasurer Jim Forrester said
Attendance fell about 179,000 guests, or 2.9%, to the prior-year quarter. The company said attendance would have been flat excluding the Easter timing effect and international visitation decline. Net income declined to $63.3 million from $80.1 million a year earlier, while adjusted EBITDA fell $10.8 million to $195.5 million.
Operating expenses rose $10.9 million, or 5.3%, and selling, general and administrative expenses increased $2.2 million, or 3.4%. Per-Capita Revenue Offsets Some Attendance Pressure Total revenue per capita increased 1.5% in the quarter. Admission revenue per capita declined 1.8%, primarily due to admissions-product mix, while in-park spending per capita rose 5.1%, reaching a second-quarter record, according to management.