SeaWorld Entertainment, Inc. (NYSE: SEAS) reported its financial results for the third quarter on Tuesday. In the third quarter, attendance continued to drop, and its Q3 results missed estimates.
Revenue for the third quarter dropped 9.8% from $485.3 million, for the same period last year, to $437.7 million, which missed analysts’ estimates of $452 million. Net income was down from $65.7 million, or $0.77 per diluted share, for the same period of last year to $55.0 million, or $0.64 per diluted share. The results also missed estimates of $67 million.
In addition, the company said that attendance dropped 8.8% from the same period last year to 7.61 billion for the third quarter.
“This quarter, we made progress implementing the targeted actions we outlined in August to stabilize our business and to drive sustainable growth, while continuing to advance the core elements of our five-point plan,” Joel Manby, the President and Chief Executive Officer of the company, said in the statement on Tuesday.
“More recently, attendance trends have improved since we launched our Fall and Halloween events in late September. We remain confident in our plan to drive growth over time by addressing reputational challenges and creating fun and meaningful guest experiences, while maintaining a sharp focus on financial discipline,” Joel said.