Six Flags stock rockets to best day in 3 years after revenue, spending per guest rises to record levels, prompting the piloting of a surge pricing program.
Shares of Six Flags Entertainment Corp. rocketed Monday, toward their best day in more than three years, after the theme park operator reported record first-quarter revenue beat expectations, as record guest spending helped offset a decline in attendance.
One way the company is looking to take advantage of this demand is through surge pricing, or what Chief Executive Officer Semil Bassoul called a “dynamic-pricing program.” Revenue increased 3.0% to $142.2 million, which CEO Bassoul said was “the highest first-quarter revenue in the history of our company,” and which was above the FactSet consensus of $136.2 million.
Chief Financial Officer Gary Mick said on the post-earnings call that based on a five-year average attendance, excluding the COVID-19-impacted 2020, he estimates the “unusually cold and rainy weather” experienced in California and Texas reduced attendance by 180,000.Generally speaking, “attendance trends continue to improve,” CEO Bassoul said. As of April 30, year-to-date season pass sales were more than double what they were over the same period last year, he noted.
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