Comcast, the parent company of Universal Theme Parks, has released the latest earnings report for the fourth quarter of 2023. According to the report, the theme parks division concluded the fourth quarter with a remarkable financial performance, setting new records in revenue and profitability. These fourth quarter earnings demonstrate significant gains in both domestic and international markets, driven by popular attractions and increased visitor numbers.
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In the final quarter of 2023, Universal Theme Parks experienced a notable increase in revenue. The revenue for the theme parks segment reached $2,371 million, compared to $2,114 million in the same quarter of the previous year, marking a substantial increase in revenue of 12.2%.
One of the standout performers in this period was Universal Studios Hollywood, largely due to the success of Super Nintendo World which opened in January 2023. Universal Orlando Resort experienced a slight dip in revenue compared to Q4 2022, yet it continued to perform above pre-pandemic levels of 2019. It should also be noted the new Epic Universe theme park is set to open at Universal Orlando Resort in 2025, which will be the home of Universal Orlando’s Super Nintendo World.
The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the theme parks was an impressive $872 million in Q4 2023, up from $782 million in Q4 2022, an increase of 11.2%. EBITDA is a metric that evaluates the efficacy of a company’s operations by evaluating its cash flow.
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This growth in EBITDA, the highest on record for a fourth quarter, was driven by the increase in revenue, which more than offset higher operating expenses. The operating expenses for theme parks were $1,499 million in Q4 2023, compared to $1,332 million in the same period last year, marking an increase of 12.5%. The rise in operating expenses is primarily linked to costs associated with increased guest attendance, a positive indicator of the park division’s popularity.
For the full year, Universal Theme Parks’ adjusted EBITDA increased by 24.7% to a remarkable $3.3 billion. This yearly performance underscores the division’s strong recovery trajectory and operational efficiency. Looking forward, Universal Theme Parks seems well-positioned to continue this growth trend, supported by robust demand, strategic expansions, and a focus on enhancing guest experiences.
The fourth quarter of 2023 has been exceptionally fruitful for Universal Theme Parks, setting new records and demonstrating the brand’s enduring appeal and operational excellence. With innovative attractions like Super Nintendo World driving growth and a solid foundation in both domestic and international markets, the future looks bright for Universal theme parks.
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