United Parks & Resorts reports Q1 EPS (29c), consensus (16c)

Reports Q1 revenue $286.9M, consensus $293.9M. Attendance was 3.4 million guests, a decrease of approximately 59,000 guests or 1.7% from the first quarter of 2024. “We are pleased to report another quarter of strong financial results,” said Marc Swanson, CEO. “Results in the first quarter were negatively impacted by the timing of Easter and Spring Break holidays moving into the second quarter this year compared to being in the first quarter last year. The shift of Easter and Spring Break from the first quarter to the second quarter also impacted admissions per capita and in park per capita, as peak operating days that usually come with higher relative pricing and guest spending also shifted from the first quarter to the second quarter this year as compared to prior year. Despite the negative calendar shift, in-park per capita spending increased 1.1% during the first quarter to a record level and has now grown for 19 of the last 20 quarters. First quarter results were also impacted by certain timing related impacts that resulted in over five million dollars more of certain expenses being recorded in the first quarter of 2025 compared to the first quarter of 2024.We are also pleased to report that April 2025 attendance was up 8.1% compared to April 2024. As we look ahead to the remainder of the year, we are excited about the significant investments we have made across our parks and business, including the incredible line-up of new, one-of-a kind rides and attractions, popular events, improved in park venues and other offerings across our parks. We are also encouraged by the 2025 bookings for our Discovery Cove property, our 2025 group bookings and our 2025 international ticket sales, all of which are running ahead of 2024. With approximately 75% of our historical attendance and revenue opportunity still ahead of us as of April 30, 2025, we continue to expect new records in revenue and Adjusted EBITDA in 2025. We strongly believe we have a clear opportunity to drive substantially more attendance and total per capita spending and we have high confidence in our ability to continue to deliver operational and financial improvements that we expect will lead to meaningful increases in shareholder value. Finally, I want to thank our ambassadors for their ongoing efforts as we prepare for what we anticipate will be another busy summer season.”