Cedar Fair's Q2 Performance Lags Consensus

Cedar Fair LP FUN reported second-quarter FY22 sales growth of 127% year-on-year to $509 million, missing the consensus of $530.84 million.
During Q2, the parks had 708 operating days compared to 726 in 2Q19 and 393 in 2Q21. The coronavirus pandemic had a material impact on park operations in 2021.
In-park per capita spending was $59.52, representing a 26% increase over 2Q19 spending levels.
Attendance totaled 7.8 million guests, an increase of 4.4 million guests from 2Q21 and down by 654,000 guests, or 8% from 2Q19.
The operating margin was 22%, and operating income for the quarter was $112.1 million. Adjusted EBITDA was $171 million.
The company held $124.9 million in cash and equivalents as of June 26, 2022.
Earnings per unit of $0.89 missed the analyst consensus of $1.41.
Cedar Fair declared a distribution of $0.30 per limited partner (LP) unit payable on Sept. 15, 2022, to unitholders of record as of Aug. 31, 2022.
The Board has also authorized to repurchase of up to $250 million of Cedar Fair units.
Price Action: FUN shares closed lower by 4.44% at $40.44 on Tuesday.

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