Why Six Flags Entertainment Shares Are Jumping Today
BENZINGA 8:26 AM ET 5/8/2023
Symbol Last Price Change
SIX 26.8down +4.36 (+19.4296%)
QUOTES AS OF 10:06:15 AM ET 05/08/2023
Six Flags Entertainment Corp (NYSE:SIX) shares are surging Monday morning as its first-quarter results surpassed Street view despite decreased attendance.
SIX reported first-quarter FY23 sales growth of 3% year-on-year to $142.19 million, beating the consensus of $132.56 million.
Attendance was 1.6 million guests in the quarter, a 5% Y/Y decrease. Total guest spending per capita was $80.88, up 7% Y/Y.
The decrease in attendance was driven primarily by severe weather in California and Texas parks.
In-park spending per capita increased 3% to $33.07.
Adjusted EBITDA loss for the quarter remained flat at $(17) million.
EPS for the quarter was $(0.84), beating the estimate of $(0.85).
The company held $64.7 million in cash and equivalents as of April 2, 2023. Net cash used in operating activities for the quarter was $(56.3) million.
CEO Selim Bassoul, said, "We are still in the early stages of our transformation, but with our season pass sales accelerating and our attendance improving, we are encouraged by our recent progress."
Price Action: SIX shares traded higher by 9.63% at $24.60 premarket Monday.
I sold a small percentage of Puts in SIX.
