Shares of Six Flags Entertainment Corp. /zigman2/quotes/208050417/composite SIX +8.49% plummeted 17% toward a 7-year low in premarket trading Thursday, after the theme park company slashed its dividend, swung to a surprise fourth-quarter loss, provided a downbeat outlook and said it chief financial officer was retiring. The company reported a net loss of $11.16 million, or 13 cents a share, after a profit of $79.4 million, or 93 cents a share, in the year-ago period. The FactSet consensus was for net earnings per share of 14 cents. Revenue fell to $261.0 million from $269.5 million, but topped the FactSet consensus of $260.1 million, as attendance declined 3%. Admissions spending per capita fell 2% and in-park spending per capita rose 3%. For 2020, the company said it expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $435 million to $465 million, below the FactSet consensus of $533 million. "Soft organic revenue trends, and increasing operating cost headwinds, primarily related to higher minimum and market wages, will be difficult to overcome in 2020," the company said in a statement. Six Flags said it had decided to cut its quarterly dividend to 25 cents a share from 83 cents, with the new dividend payable March 11 to shareholders of record on March 4. Separately, CFO Marshall Barber plans to retire effective Aug. 31, and serve as CFO through Feb. 24, after four years in the role. The stock has tumbled 17.5% over the past three months through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.36% has gained 8.9%.
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Six Flags stock hammered after surprise loss, downbeat guidance and dividend cut