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Latest Universal earnings report hints at recovery for entire theme park industry | Planet Attractions
     

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Latest Universal earnings report hints at recovery for entire theme park industry

Universal’s parks are once again on the rise as its results after a year of struggle show promise for the entire theme park industry




Universal’s earnings suggest that operator is once again on the rise following a tough year for its theme park division   Credit: Canva

The theme park industry has shown further signs of recovery, after Universal reached breakeven for the second consecutive quarter following the release of parent company Comcast’s latest earnings report.

The results saw Universal’s parks division record revenue of US$619m (€511.3m, £443.8m) - a 33.1% decline on 2020’s US$925m (€764m, £663.2m).

For adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) Universal recorded a loss of US$61m (€50.4m, £43.75m) compared to a first quarter profit of US$87m (€71.9m, £62.4m) in 2020.

Universal attributed the decline primarily to Universal Orlando Resort and Universal Studios Japan, which have been operating at limited capacity, while Universal Studios Hollywood remained closed during the quarter as a result of COVID-19. The losses however included pre-opening costs for Universal Beijing, which if excluded, leave the company at breakeven.

“We are off to a great start in 2021,” said Brian Roberts, chairman and CEO of Comcast. “Our entire company performed well across the board. Our theme parks once again reached breakeven, excluding Universal Beijing Resort pre-opening costs; and – to the delight of our guests – we successfully reopened Universal Studios Hollywood on April 16th.

“Across all parts of the company, our teams are executing at a high level and collaborating to drive growth and innovation, and I couldn’t be more excited about our future.”


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Latest Universal earnings report hints at recovery for entire theme park industry | Planet Attractions
news

Latest Universal earnings report hints at recovery for entire theme park industry

Universal’s parks are once again on the rise as its results after a year of struggle show promise for the entire theme park industry




Universal’s earnings suggest that operator is once again on the rise following a tough year for its theme park division   Credit: Canva

The theme park industry has shown further signs of recovery, after Universal reached breakeven for the second consecutive quarter following the release of parent company Comcast’s latest earnings report.

The results saw Universal’s parks division record revenue of US$619m (€511.3m, £443.8m) - a 33.1% decline on 2020’s US$925m (€764m, £663.2m).

For adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) Universal recorded a loss of US$61m (€50.4m, £43.75m) compared to a first quarter profit of US$87m (€71.9m, £62.4m) in 2020.

Universal attributed the decline primarily to Universal Orlando Resort and Universal Studios Japan, which have been operating at limited capacity, while Universal Studios Hollywood remained closed during the quarter as a result of COVID-19. The losses however included pre-opening costs for Universal Beijing, which if excluded, leave the company at breakeven.

“We are off to a great start in 2021,” said Brian Roberts, chairman and CEO of Comcast. “Our entire company performed well across the board. Our theme parks once again reached breakeven, excluding Universal Beijing Resort pre-opening costs; and – to the delight of our guests – we successfully reopened Universal Studios Hollywood on April 16th.

“Across all parts of the company, our teams are executing at a high level and collaborating to drive growth and innovation, and I couldn’t be more excited about our future.”


 



© Kazoo 5 Limited 2024