Shares of Six Flags Entertainment Corp.
jumped 2.8% in premarket trading Wednesday, after the theme park operator swung to a surprise profit and revenue that rose well above expectations, as attendance and guest spending also beat forecasts. Net income for the quarter to July 4 was $70.5 million, or 81 cents a share, after a loss of $136.9 million, or $1.62 a share, in the same period in 2020, and compared with net income of $79.5 million, or 94 cents a share, in the 2019 period. The FactSet consensus was for a per-share loss of 22 cents. Revenue was $459.8 million, up from $19.1 million a year ago but down 3.7% from 2019, but well above the FactSet consensus of $332.2 million. Attendance of 8.5 million compared with about 400,000 in 2020 and 10.5 million in 2019, beating the FactSet consensus of 7.2 million, while total revenue per capita of $51.94 was above the $35.77 spent last year and the $42.27 spent in 2019, and above expectations of $47.20. “While the operating environment continues to be challenging, we are encouraged by the initial progress on our transformation plan, which contributed to our improving revenue and guest spending per capita trends,” said Chief Executive Mike Spanos. The stock has climbed 23.3% year to date through Tuesday, while the S&P 500
has advanced 17.2%.