Six Flags Beats Q4 Wall Street Forecasts
Follow CBSDFW.COM: Facebook | Twitter
GRAND PRAIRIE (CBSDFW.COM/AP) - Six Flags Entertainment Corp. on Thursday reported fourth-quarter net income of $2.2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Grand Prairie based company reported that it had net income of 2 cents. The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The amusement park operator posted revenue of $217.5 million in the period, which also beat Wall Street forecasts. Seven analysts surveyed by Zacks expected $192.6 million.
For the year, the company reported profit of $154.7 million, or $1.58 per share. Revenue was reported as $1.26 billion.
Six Flags shares have declined 6.5 percent since the beginning of the year. The stock has climbed 13 percent in the last 12 months.
The company is now set to expand its presence south of the border. Officials plan to renovate and re-open a long-closed water park in Oaxtepec, Mexico. The 67-acre park will operate under the Hurricane Harbor name.
(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
