SeaWorld rises above expectations as attendance increases

SeaWorld Entertainment Inc. reported Tuesday a first-quarter net loss that widened to $62.8 million, or 73 cents a share, from $61.1 million, or 72 cents a share, in the same period a year ago. The loss includes $21.5 million in expenses associated with separation costs and a legal settlement. The FactSet loss consensus was 77 cents a share. Revenue rose 16.5% to $217.2 million, above the FactSet consensus of $198.4 million, as 14.9% growth in attendance to 3.2 million guests beat expectations of 3.0 million guests. The theme park and entertainment company said the revenue increase was due primarily to increases in attendance and in-park per-capita spending, which was partially offset by lower admission per capita. The stock, which was still inactive in premarket trade, has run up 16.8% year to date, while the S&P 500 has lost less than 0.1%.