SeaWorld reports higher profit but lower attendance

SeaWorld Entertainment reported higher third-quarter revenue and profit but slightly lower attendance while lowering its expectations for the year in an earnings report this morning.

Revenue increased by 0.2 percent to $496.9 million compared to the previous year. However, attendance declined 0.4 percent because of fewer people visiting its California and Texas theme parks. SeaWorld said more promotional offerings and a later Labor Day boosted demand at its other locations.

The company reported net income of $98 million, up from $87.2 million. SeaWorld reported earnings per share of $1.14.

For the full year, SeaWorld has lowered its expectation of adjusted earnings before interest, taxes, depreciation and amortization. It now expects that to be in the range of $360 million to $370 million. It had previously expected at least $370 million.

SeaWorld said it was changing the guidance because of bad weather over the last six weeks, which caused park closures at three of its locations over key Halloween event weekends. Increased legal and marketing costs also have negatively affected the bottom line.

SeaWorld will discuss its earnings today at 9 a.m.

This story was originally published November 5, 2015 at 9:44 AM with the headline "SeaWorld reports higher profit but lower attendance ."