SeaWorld Entertainment Profit Falls More Than Estimates

By Rob Golum

SeaWorld Entertainment Inc. (SEAS), criticized by animal-rights groups over its use of killer whales in shows, reported third-quarter profit that fell more than analysts estimated as fewer tourists visited during the peak season.
Earnings excluding some items shrank to $1.01 a share, Orlando, Florida-based SeaWorld said today in a statement. The per-share results missed the $1.13 average of analyst estimates compiled by Bloomberg. Revenue fell to $495.8 million, missing projections of $496.4 million.
Attendance was 8.4 million, a half million fewer than a year earlier. The decline for the third quarter, typically the biggest of the year for SeaWorld, underscored the
impact the company is experiencing since the release of “Blackfish,” a critical documentary about its performing orcas. Three airlines have cut ties to the theme-park operator in recent months.
SeaWorld shares fell 3.5 percent to $17.94 at 7:33 a.m. in early trading in New York. The shares of the company, which is 22 percent owned by the private equity firm Blackstone Group LP (BX), have declined 35 percent this year.