Six Flags Entertainment Corporation (NYSE: SIX) which holds the Six Flags America amusement park in Prince George's County, Maryland, reported third quarter financial results that surprised analysts.
The company accrued revenues of $475.6 million in the 3-months quarter ended September 30, 2011 which were below average analyst estimates of $496 million and virtually flat compared to the $475.5 million in the same period of 2010.
But net income climbed 42 percent to $192.8 million or $3.43 per diluted share, well beyond the $ 133.5 million or $ 2.42 per diluted last year and just about the same amount past the average analyst estimate of $2.47 and beating the high estimate of $2.71.
Management at Six Flags noted that revenue was down due to several factors like adverse weather which affected attendance and declining sponsorship. The company still managed increased admission revenue due to higher pricing which was partially responsible for the record net income.
Six Flags America located in the Washington D.C. metro area, launched its eighth roller coaster called the Apocalypse, the first stand-up design includes a 90-foot drop going 55 miles-per-hour.