Seaport Entertainment Q3 revenue falls on weather-related headwinds
Overview
US entertainment and hospitality firm's Q3 revenue fell 27% yr/yr due to weather impacts
Net loss attributable to common stockholders narrowed 75% yr/yr in Q3
Non-GAAP adjusted net loss per share improved nearly 60% from prior year
Outlook
Company did not provide specific financial guidance for upcoming quarters or full year in its press release
Result Drivers
WEATHER IMPACT - Co said weather-related headwinds in Las Vegas and New York City affected Q3 results
NEW TENANTS AND CONCEPTS - Co highlighted over 160,000 square feet of new tenants and concepts signed but not yet opened as part of its pipeline to drive future visitation
BALLOON MUSEUM OPENING - Co said the Balloon Museum at the Tin Building opened to a strong reception in August
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted Net Loss | Miss | $3 mln | $599,000 (1 Analyst) |
Q3 Net Loss Attributable to Common Stockholders | $8.4 mln | ||
Q3 Operating Income | -$9.22 mln | ||
Q3 Pretax Loss | $8.03 mln |
Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the leisure & recreation peer group is "buy"
Wall Street's median 12-month price target for Seaport Entertainment Group Inc is $36.00, about 58.1% above its November 3 closing price of $22.77
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)