Six Flags Entertainment Corp. SIX said Thursday it swung to a profit of $13 million, or 16 cents a share, in the fourth quarter, from a loss of $2 million, or 2 cents a share, in the year-earlier period. Revenue fell to $280 million from $317 million a year ago. The FactSet consensus was for EPS of 17 cents and revenue of $280 million. The theme park operator said total guest spending per capita rose to $34.50 from $27.90, driven by a $6.60 increase in admissions spending per capita and a $5.55 increase in in-park spending. “The increase in admissions spending per capita was primarily driven by higher realized ticket prices, a higher mix of single day tickets, and revenue from memberships beyond the initial 12-month commitment period, which is recognized evenly each month and was spread over a lower amount of attendance in 2022 versus 2021,” the company said in a statement. It offset the decrease in revenue with lower cash operating costs, driven by headcount reductions, fewer total employee hours worked and lower advertising costs. The stock has fallen 38% in the last 12 months, while the S&P 500 SPX has fallen 10%.
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