Seaport Entertainment Q2 adjusted profit turns positive as expenses fall
SEG•Quarterly results
US entertainment and hospitality firm Seaport Entertainment Group Inc said second-quarter revenue fell 13.8% year over year, amid lower hospitality sales.
Net loss attributable to common stockholders narrowed 29.2% year over year to $10.5 million. Non-GAAP adjusted net income attributable to common stockholders turned positive at $0.3 million.
Outlook and valuation
The company did not provide specific financial guidance for the current or future periods.
The one available analyst rating on the shares is "buy". The average consensus recommendation for the leisure and recreation peer group is "buy". Wall Street's median 12-month price target for Seaport Entertainment Group Inc is $27.00, about 1.6% above its August 4 closing price of $26.57.
Drivers of the quarter
The company said all business segments were profitable for the first time, citing expanded in-person experiences and a larger events calendar.
It said the opening of Sadie’s Garden Bar drove a 125% year-over-year revenue increase compared with prior non-SEG managed operations.
Accelerated rent and termination fees from the Nike lease termination also contributed to results and enabled Pier 17 Event Space buildout.
