Seaport Entertainment Group’s shares rose 5.1% after the company reported its first-ever positive operating EBITDA and non-GAAP adjusted net income, driven by strong operational improvements and continued momentum in its events and leasing activities.
- Achieved positive operating EBITDA and non-GAAP adjusted net income for the first time in company history.
- Reported a 103% year-over-year improvement in non-GAAP adjusted net income per share in Q2.
- Reduced trailing 12-month general and administrative costs by more than 20% to under $27 million.
- Leased or programmed roughly 100,000 square feet since spin, leaving less than 50,000 square feet available, with the remaining spaces requiring more detailed negotiations.
- Concert business remains strong with 22 shows in Q2, including 13 sellouts and a 91% sell-through rate, alongside increased food and beverage spend per attendee.
Community Discussion