Six Flags Reports Mixed Q2 Results: Cedar Fair Hits Records While Legacy Six Flags Attendance Faces Decline

Six Flags Entertainment Corporation FUN shares are trading higher on Thursday.

The company announced financial results for standalone legacy Cedar Fair and standalone Legacy Six Flags for the quarter ended June 30, 2024.

The merger of legacy Cedar Fair and legacy Six Flags occurred on July 1, 2024, after the second quarter close.

For Legacy Cedar Fair, net revenues in the second quarter totaled a record $572 million, an increase of 14%.

Legacy Cedar Fair’s Adjusted EBITDA reached $205 million, marking a 36% increase of $54 million, with an Adjusted EBITDA margin of 35.9%. Attendance hit a high of 8.6 million guests, up 17% or 1.2 million guests.

In-park per capita spending decreased by 3% to $59.54. Out-of-park revenues totaled a record $73 million, reflecting a 17% increase of $11 million.

“I am extremely pleased with the second quarter performance of the legacy Cedar Fair portfolio, which produced record levels of attendance and net revenues, and generated a 570-basis-point lift in Legacy Cedar Fair Adjusted EBITDA Margin in the quarter,” said Six Flags Entertainment Corporation President and CEO Richard A. Zimmerman.

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For Legacy Six Flags, total revenue was $438 million, a decrease of 1%, or $5 million. Legacy Six Flags reported Adjusted EBITDA of $138 million, down 14% or $23 million, with a Modified EBITDA Margin of 36.9%. Attendance dropped by 2%, totaling 6.9 million guests, a decline of 155,000 visitors.

After certain items, interest expense, loss on early debt extinguishment, income tax expense, and other charges, net income attributable to legacy Six Flags was $34 million, or $0.40 per share, versus $21 million, or $0.25 per share in the second quarter last year.

“While weather conditions have negatively impacted demand trends in July, we are confident that the combined portfolio is well positioned to deliver a strong full-year performance in 2024,” said Zimmerman.

As of June 30, 2024, legacy Cedar Fair had total liquidity of approximately $245 million, including cash on hand and available borrowings under its revolving credit facility. 

Price Action: FUN shares are trading higher by 2.46% to $44.29 at last checked Thursday.

Photo via Shutterstock

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