United Parks & Resorts Inc. (PRKS) saw its stock soar 5.09% in pre-market trading on Thursday, despite reporting second-quarter earnings that fell short of analyst expectations. The theme park operator's resilience in the face of mixed results appears to be driven by a proposed share buyback program and modest attendance growth.

The company reported earnings per share of $1.45 for the second quarter, slightly below the $1.46 reported in the same period last year and missing the FactSet analyst consensus of $1.78. Revenue for the quarter came in at $490.2 million, down from $497.6 million year-over-year and below the expected $499.4 million. However, attendance showed a positive trend, increasing by 0.8% to 6.2 million guests compared to the previous year.

Investors seem to be focusing on the company's forward-looking initiatives, particularly the Board's recommendation of a $500 million share buyback authorization. This move, pending approval by non-Hill Path shareholders, signals confidence in the company's future prospects and could potentially boost shareholder value. Additionally, the slight increase in park attendance, despite the revenue decline, suggests that United Parks & Resorts is maintaining its appeal to visitors in a challenging economic environment.