Six Flags Entertainment (FUN) Falls 20.8% on Investor Caution Over Outlook, CEO Stepdown

We not too long ago printed 10 Stocks Taking the Worst Hit. Six Flags Entertainment Corp. (NYSE:FUN) is without doubt one of the worst-performing shares on Wednesday.

Six Flags Entertainment noticed its share costs decline by 20.78 p.c on Wednesday to complete at $24.32 apiece as buyers bought off positions after the corporate swung to web losses and information that its chief govt is stepping down from his submit.

In an up to date report, Six Flags Entertainment Corp. (NYSE:FUN) stated it incurred an attributable web lack of $99.6 million, reversing a web revenue of $55.55 million in the identical interval final yr. This was regardless of a 62.7-percent bounce in web revenues to $930 million from the $571.6 million in the identical comparable interval.

The firm additionally widened its attributable web loss by 309 p.c within the first half of the yr to $319 million from $77.9 million year-on-year, regardless of revenues rising by 68 p.c to $1.132 billion from $673 million.

Additionally, Six Flags Entertainment Corp. (NYSE:FUN) gave a extra cautious stance on its outlook for the remainder of the yr, saying that it could reassess figures however “not updating or reaffirming” steerage this time.

Pixabay /Public Domain

On the identical day, Six Flags Entertainment Corp. (NYSE:FUN) introduced that its president and CEO, Richard Zimmerman, is ready to step down by the tip of the yr.

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