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Investint.com -- Six Flags (NYSE:SIX) reported weaker-than-expected second-quarter revenue and announced that CEO Richard Zimmerman will step down by the end of 2025.
Revenue for the quarter came in at $930 million, below the $1.03 billion consensus.
Adjusted EBITDA totaled $243 million, including $62 million from the legacy Six Flags operations following the recent merger.
The company’s shares slipped 0.7% in premarket trading Wednesday by 06:14 ET.
Looking ahead, the company now expects full-year adjusted EBITDA between $860 million and $910 million.
"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," said Six Flags CEO Richard Zimmerman.
Attendance for the five weeks ending Aug. 3 rose 1% year-on-year to 11 million guests, while in-park per capita spending was down approximately 4%.
Six Flags said second-quarter performance was hurt by "unfavorable weather across most of the company’s key markets," including extended periods of rain, extreme heat, and severe storms.
Alongside the results, Six Flags announced that Zimmerman will step down as president and CEO later this year. He will remain in the role until a successor is appointed and will continue to serve on the company’s board.
The board has launched a search process for his replacement, considering both internal and external candidates.