Six Flags tops estimates for third quarter as attendance totals 12 million guests

Six Flags Entertainment Corp. said Wednesday it swung to a profit of $157 million, or $1.80 a share, in the third quarter, after a loss of $116 million, or $1.37 a share, in the year-earlier period, when its parks were locked down for the coronavirus pandemic. The figure compares to per-share earnings of $2.11 in the third quarter of 2019, the company said. Revenue climbed to $638 million from $126 million in the year-earlier period and $621 million in the 2019 third quarter. The FactSet consensus was for EPS of $1.42 and revenue of $588 million. The company said it welcomed 12 million guests in the quarter, down 2 million compared to the third quarter of 2019. "The $17 million increase in revenue was driven by higher guest spending per capita revenue, offset by lower attendance and a $14 million reduction in sponsorship, international agreements and accommodations revenue, primarily related to the termination of the company's agreements in China and Dubai in 2020 and 2019," the company said in a statement. Share rose 1.5% premarket and have gained 35% in the year to date, while the S&P 500 has gained about 22%.

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