NEW YORK (TheStreet) -- Shares of SeaWorld Entertainment Inc. (SEAS) are falling -23.98% to $21.40 in pre-market trading on Wednesday, after the company reported net income, earnings, and revenue for the 2014 second quarter that fell short of analysts’ expectations.
For the most recent quarter, the marine mammal amusement park reported net income of $37.3 million, or 43 cents per diluted share, compared to a net loss of -$15.9 million, or -18 cents per diluted share for the 2013 second quarter.
Although SeaWorld showed an improvement in net earnings year-over-year, analysts polled by Thomson Reuters expected earnings of 59 cents for the 2014 second quarter.
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SeaWorld posted a 1% decline in total revenue to $405.2 million, from $411.3 million for the same period last year. Analysts expected revenue of $445.29 million for the quarter.
Additionally, SeaWorld announced a share repurchase program of up to $250 million of its common stock starting on Jan. 1, 2015.
The company also announced it issued a letter of intent with Village Roadshow Theme Parks (VLRDY) to co-develop parks in Russia, Pan-Asia, and India.
Separately, TheStreet Ratings team rates SEAWORLD ENTERTAINMENT INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEAWORLD ENTERTAINMENT INC (SEAS) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and weak operating cash flow."