United Parks & Resorts shares dropped 6.9% following earnings as investors reacted negatively to weaker-than-expected attendance driven by unfavorable weather and a decline in international visitors, signaling continuing headwinds in key operational metrics.

• Attendance was adversely impacted by approximately 220,000 fewer guests due to weather (140,000) and international visitation declines (80,000), reflecting geopolitical and broader market challenges.
• Adjusted attendance, excluding these headwinds, showed modest growth of over 1%, suggesting underlying resilience but insufficient to offset external pressures.
• In-park per capita spending increased, indicating solid guest spending despite volume challenges.
• Paid pass sales rose approximately 10% during Q1 and 12% through April, demonstrating strength in advance revenue streams.
• The company repurchased 2.6 million shares for $93 million, highlighting confidence in cash flow generation but not enough to counteract concerns around top-line pressure and execution challenges.