Cedar Fair Reports Q2 Results, Says Most Parks Now Operating At Full Capacity

  • Cedar Fair LP FUN reported second-quarter FY21 net revenues of $224.137 million, versus the consensus of $224.50 million. It reported $7 million in revenue last year.
  • The increase in net revenues was attributable to a 354-operating-day rise in the period, resulting in a 3.4 million-visit increase in attendance.
  • In-park revenues were $190.7 million, and out-of-park revenue totaled $40.8 million.
  • The amusement parks had 393 operating days in Q2, excluding the culinary festival at Knott's Berry Farm, versus 39 last year.
  • Operating expense climbed 132.8% Y/Y to $155.9 million.
  • The operating loss narrowed 72.9% Y/Y to $(38.4) million.
  • The company held $292.6 million in cash and equivalents as of July 27, 2021.
  • It reported EBITDA of $10.5 million and Adjusted EBITDA of $1.72 million. 
  • Loss per unit of $(1.04) beat the analyst consensus for a loss of $(1.11).
  • "As park restrictions have been relaxed and capacity expanded, attendance is now approaching 2019 levels, particularly on our busiest days," said CEO Richard A. Zimmerman.
  • For the 5-week period ended August 1, 2021, attendance totaled 5.2 million visits, a 23% decline compared with the 5-week period ended August 4, 2019.
  • Price action: FUN shares closed lower by 1.33% at $41.62 on Tuesday.
  • Image by Giovanna Orlando from Pixabay
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!