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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