Six Flags Entertainment, the Arlington-based company, has announced its financial results for the third quarter of 2021. The company saw an increase in sales, driven by a rebound in attendance, although per-customer spending experienced a slight decline.
Financial Performance
Six Flags reported a profit of $111 million, equivalent to $1.32 per share, for the quarter. This is a slight decrease compared to the $114 million, or $1.37 per share, earned during the same period last year. Analysts surveyed by FactSet had anticipated earnings of $1.46 per share.
The company’s revenue for the quarter saw an 8% rise, reaching $547 million. This exceeded analysts’ expectations, who estimated sales of around $539 million.
Attendance and Per-Customer Spending
During the third quarter, Six Flags experienced a 16% increase in attendance compared to the previous year. However, per-customer spending fell by 8% to $56.37. This decline was primarily attributed to the sale of more season passes, which led to lower per-customer spending at the company’s parks.
Merger Plans
Six Flags and its competitor, Cedar Fair, recently announced their plans for an all-stock merger. The merger aims to create a regional theme-park giant valued at approximately $3.5 billion.
Conclusion
Despite a drop in per-customer spending, Six Flags Entertainment achieved higher sales in the third quarter of 2021. The company’s increase in attendance contributed to this success. Additionally, Six Flags’ future looks promising as it moves forward with its merger plans with Cedar Fair.