Shares of theme and water parks operator Six Flags Entertainment (NYSE:SIX) are soaring higher today after the company announced better-than-anticipated first-quarter numbers.
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Revenue rose 2.9% year-over-year to $142 million, rising past estimates by $8.5 million. Net loss per share at $0.84 too came in narrower than expectations by $0.05. During the quarter, total guest spending per capita rose 7% year over year to $80.88. Additionally, admissions spending per capita also surged 10% year-over-year to $47.81.
Impressively, higher spending by guests offset lower attendance during this period. On the other hand, the company experienced higher operating costs owing to increased advertising spending during this period.
Overall, the Street has a $32.11 consensus price target on SIX pointing to an 18.36% potential upside in the stock. At the same time, short interest in the stock remains elevated at nearly 10.4% at present.
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