Cedar Fair Q3 Earnings Top Estimates

  • Cedar Fair LP FUN reported third-quarter FY21 sales of $753.40 million, a 5% increase against Q3 FY19, beating the analyst consensus of $663.44 million.
  • During Q3, the parks had 988 operating days compared to 1,035 in 3Q19 and 314 in 3Q20. The coronavirus pandemic had a material impact on park operations in both 2021 and 2020.
  • In-park per capita spending was $64.26, representing a 29% increase over 3Q19 spending levels.
  • Attendance for Q3 totaled 10.8 million guests, or approximately 82% of 3Q19 levels.
  • The operating margin was 33%, and operating income for the quarter was $249.8 million. Adjusted EBITDA was $333.4 million.
  • The company held $562.6 million in cash and equivalents as of September 26, 2021.
  • Earnings per unit of $2.60 beat the analyst consensus of $2.45.
  • For the five weeks ended October 31, 2021, net revenues totaled $219 million, an increase of 42% from the comparable period in 2019.
  • Cedar Fair noted that early sales of 2022 season passes and all-season products are pacing ahead of the then-record pace set in the Fall of 2019 for the sale of 2020 season pass products.
  • Cedar Fair aims to begin paying down debt soon and reinstate quarterly cash distributions to unitholders by no later than the Q1 of 2023.
  • Price Action: FUN shares are trading higher by 2.26% at $48.88 on the last check Wednesday.
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