ThrillNetwork.com :: Six Flags earnings off by $60 million

Finance: Six Flags earnings off by $60 million

By Drew S

Oct. 15th, 2004 -- Thanks in part to unfavorable weather; Six Flags has lowered its outlook for the fall 2004 season. The company said bad weather in several of its key markets as well as the hurricanes that plagued the southeast, were responsible for the cut in expectations. Six Flags had previously announced expected earnings at their chain to come in between $310 and $320 million. They’ve now downgraded that expectation to between $250 and $255 million.

Chairman and chief executive Kieran E. Burke said he fully expects the company to rebound next year, forecasting earnings of $300 million.

The recent announcement of Kingda Ka going in at Six Flags Great Adventure seemed to have had little effect on the stock price. The week after the announcement showed a $0.20 gain for PKI, while the earnings announcement plummeted the stock over $0.50 in a day.