Six Flags Entertainment Corporation ( FUN ) shares are trading lower in the premarket session on Wednesday.

The company reported second-quarter sales of $930.39 million, which missed the analyst consensus estimate of $1.05 billion.

The company cautioned that unfavorable weather adversely affected its results across most of the key markets, including prolonged periods of rain, extreme temperatures, and severe storms. 

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Overall, 379 days out of a planned 2,042 total operating days in the second quarter were weather-impacted days, including 49 days in which certain parks were forced to close entirely. 

Attendance totaled 14.2 million guests, 6.3 million of whom attended legacy Six Flags parks added in the merger. Combined attendance of 14.2 million guests was down 9%.

“The start of the 2025 season, including our second quarter results reported today, fell significantly short of our expectations, a disappointing outcome given the solid progress we achieved post-merger with smart, early-stage initiatives coupled with a very compelling capital program designed to kickstart the 2025 season and perpetuate the momentum we had created over the second half of 2024,” said Six Flags CEO Richard Zimmerman.

The firm reported quarterly adjusted earnings per share of 26 cents, down from 40 cents in the year-ago period. On a GAAP basis, the company reported earnings per share of 99 cents, which compares with $1.08 in the year-ago period. 

For the three months ended June 29, adjusted EBITDA totaled $243 million compared with $205 million for the second quarter of 2024.

As of June 29, the company reported deferred revenues of $461 million, compared with $289 million in the year-ago period.

The firm exited the quarter with cash and equivalents worth $107.38 million.

Outlook

“We believe the early-season headwinds were transient and, therefore, will lean into the strength and resiliency of our business model over the second half,” continued Zimmerman. “That includes being focused on our priorities of growing adjusted EBITDA, reducing net leverage, and successfully completing our integration efforts.”

Six Flags has trimmed its 2025 EBITDA projection to a range of $860 million to $910 million. The company cited weaker-than-expected season pass sales and ongoing economic uncertainty as the primary drivers of the revision.

The company notes that the smaller 2025 season pass base will continue to represent a headwind on demand, potentially limiting attendance upside until later in the year as the 2026 season pass program ramps up.

Price Action: FUN shares are trading lower by 15.3% to $26.00 premarket at last check Wednesday.

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