United Parks & Resorts Inc. (formerly SeaWorld Entertainment, Inc.) reported its financial results for the third quarter and the nine months ended September 30, 2024. The company experienced a slight decrease in net revenues for the third quarter, totaling $545.9 million, down from $548.2 million in the same period of 2023, reflecting a 0.4% decline. For the nine-month period, revenues increased marginally to $1.34 billion from $1.34 billion in 2023, marking a 0.2% increase.
Admissions revenue for the third quarter was $297.0 million, a decrease of 0.9% from $299.8 million in the prior year, attributed to a decline in attendance, which was approximately 100,000 guests lower than the previous year. In contrast, food, merchandise, and other revenue rose slightly to $248.9 million, up 0.2% from $248.5 million, driven by increased in-park spending.
Operating income for the third quarter was $201.0 million, down from $203.3 million in 2023, while net income decreased to $119.7 million from $123.6 million. However, earnings per share improved, with basic earnings per share rising to $2.09 from $1.93, and diluted earnings per share increasing to $2.08 from $1.92.
For the nine months ended September 30, 2024, net income rose to $199.6 million from $194.1 million in 2023, reflecting a 2.8% increase. Operating income also improved to $387.5 million, up from $370.5 million. The company reported a total of $367.7 million in net cash provided by operating activities, down from $398.5 million in the same period last year.
The company’s total assets as of September 30, 2024, were $2.58 billion, a slight decrease from $2.63 billion at the end of 2023. Long-term debt increased to $2.23 billion from $2.09 billion, primarily due to refinancing activities. The company incurred approximately $1.17 billion in Term B-2 Loans in January 2024 and an additional $380 million in May 2024.
In terms of strategic developments, United Parks & Resorts has been actively repurchasing shares, with a total of 8.6 million shares repurchased for approximately $445.3 million during the nine months ended September 30, 2024. The company also opened SeaWorld Abu Dhabi in May 2023, contributing to revenue through sales-based royalties and service fees.
The company continues to face challenges in the labor market, impacting operations and guest experience, while also managing inflationary pressures affecting operational costs.
About SeaWorld Entertainment, Inc.
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