Cedar Fair Stock Slides Post Q4 Results; Expects Labor Market To Remain Challenging

Cedar Fair L.P. FUN reported fourth-quarter FY21 sales of $350.9 million, beating the analyst consensus of $301 million.
The company's 4Q20 revenues totaled $33.88 million. Results for 2021 and 2020 are not directly comparable given the effects of the coronavirus pandemic and disruption of park operations during 2020.
In-park revenues were $326.8 million, and out-of-park revenue totaled $33.9 million.
The amusement parks had 384 operating days in Q4, and the attendance totaled 5.3 million.
Operating expenses totaled $202.7 million versus $73.6 million last year.
The operating income was $29.1 million versus $(108.8) million last year. The operating margin for the quarter was 8.3%.
It reported an EBITDA of $59.5 million and an Adjusted EBITDA of $73.2 million.
Net loss for the quarter was $(27.2) million.
The company held $61 million in cash and equivalents as of December 31, 2021.
"While we anticipate the labor market will remain challenging for the foreseeable future, the intelligent pricing and labor rate management strategies we activated position us to mitigate these headwinds and continue delivering unforgettable experiences for our guests," said CEO Richard A. Zimmerman.
Price Action: FUN shares are trading lower by 10.7% at $55.00 in premarket on Wednesday.

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