The amusement park company beat on earnings, bringing in 93 cents per share, well above Zacks Consensus Estimate of 28 cents, but revenue missed expectations despite coming in at a record $270 million for the fourth quarter. Analysts surveyed by FactSet expected revenue of $284.5 million.
Fourth-quarter revenue was driven by a 6% increase in guest spending per capita and 3% rise in attendance, but the company said a "challenging macroeconomic environment" in China capped growth.
"This growth was offset by an unfavorable revenue adjustment of $15 million related to the company's international agreements due to delays in the expected opening dates of some of the parks in China caused by a challenging macroeconomic environment," the company said in a press release. The current macro environment resulted in a 38% decline in sponsorship, international agreements and accommodations revenue compared to the fourth quarter of 2017, the company said.
For the full year, Six Flags raked in revenue of $1.5 billion, making 2018 the ninth consecutive record year of revenue growth. Full-year net income was $3.23 a share, up from 2017.
The company said full-year revenue growth was driven by a 5% increase in attendance and a 2% increase in guest spending per capita due to a 4% increase in admissions products pricing per capita.
"Our exceptional operating performance in the fourth quarter demonstrates the strength of our pricing power, membership strategy, and in-park spending programs, all of which, together with our domestic and international park expansion initiatives, will provide a strong platform for growth for many years to come," said Six Flags Chairman, President and CEO Jim Reid-Anderson in a statement.
Six Flags was down 15.7% on Thursday at $53.13.