United Parks & Resorts Inc. ( PRKS ) shares are trading higher on Wednesday after reporting first-quarter results.

The company reported quarterly earnings per share of 17 cents loss, which beats the analyst consensus of 27 cents loss. First-quarter revenues of $297.4 million beat the analyst consensus of $286.873 million.

Attendance was 3.5 million guests for the quarter. That’s an increase of approximately 72,000 guests or 2.1% from the year-ago period.

A favorable calendar shift including the earlier timing of Easter and certain school spring breaks positively impacted attendance.

Adjusted EBITDA was $79.2 million in the first quarter, an increase of 9.3% from the first quarter of 2023. Adjusted EBITDA was positively impacted by the decrease in expenses and an increase in total revenue.

“We are also encouraged by the booking trends at our Discovery Cove property, along with our group bookings which are running well ahead of 2023.  In addition, in the first quarter of 2024, international visitation, while still down compared to 2019, improved meaningfully compared to 2023,” said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. ( PRKS ) 

For 2024, the company said it has a line-up of new rides, attractions and events.

Buyback Update: During the first quarter, the company approved a new $500 million share repurchase program. 

It repurchased 375,000 shares for an aggregate total of approximately $20.2 million. 

After March 31 through May 6, the company has repurchased an additional approximately 1.5 million shares for an aggregate total of approximately $80.6 million.

Price Action: PRKS shares are trading higher by 2.56% to $50.6 at last check Wednesday.

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