Six Flags Entertainment (FUN) Falls 20.8% on Investor Caution Over Outlook, CEO Stepdown

We recently published 10 Stocks Taking the Worst Hit. Six Flags Entertainment Corp. (NYSE:FUN) is one of the worst-performing stocks on Wednesday.

Six Flags Entertainment saw its share prices decline by 20.78 percent on Wednesday to finish at $24.32 apiece as investors sold off positions after the company swung to net losses and news that its chief executive is stepping down from his post.

In an updated report, Six Flags Entertainment Corp. (NYSE:FUN) said it incurred an attributable net loss of $99.6 million, reversing a net income of $55.55 million in the same period last year. This was despite a 62.7-percent jump in net revenues to $930 million from the $571.6 million in the same comparable period.

The company also widened its attributable net loss by 309 percent in the first half of the year to $319 million from $77.9 million year-on-year, despite revenues increasing by 68 percent to $1.132 billion from $673 million.

Additionally, Six Flags Entertainment Corp. (NYSE:FUN) gave a more cautious stance on its outlook for the rest of the year, saying that it would reassess figures but “not updating or reaffirming” guidance this time.

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On the same day, Six Flags Entertainment Corp. (NYSE:FUN) announced that its president and CEO, Richard Zimmerman, is set to step down by the end of the year.