Six Flags Entertainment Inc.
SIX,
said Thursday it had a net loss of $22 million, or 27 cents a share, in the fourth quarter, after income of $10 million, or 12 cents a share, in the year-earlier period. The loss was due to merger-related transaction costs stemming from its merger of equals deal with Cedar Fair announced in November and higher cash operating costs. Revenue rose 5% to $293 million from $280 million a year ago. The FactSet consensus was for a loss of 27 cents a share and revenue of $297 million. CEO Selim Bassoul said the theme park operator’s on track with goals after its second year of a premiumization strategy that has helped it expand guest spending per capita by 17%. “Looking ahead to 2024, we have seen early success in sales of our 2024 passes, which are ahead of last year, and should provide a solid foundation as we head into the core operating season,” Bassoul said in a statement. The stock has fallen 6.8% in the last 12 months, while the S&P 500
SPX,
has gained 27.7%.
Six Flags swings to a loss as company absorbs costs of Cedar Fair merger
