Cedar Fair shares hit all-time high on 3Q earnings

Shares of theme park operator Cedar Fair hit all-time high on strong 3Q earnings; ups guidance

Associated Press

NEWS: Shares of Cedar Fair LP hit an all-time high Thursday after the theme park operator said its third-quarter net income rose 35 percent as more people visited its parks and spent more money there. The company also raised its outlook for the full year above what Wall Street was expecting.

DETAILS: The company owns 11 amusement parks, including Cedar Point in Sandusky, Ohio, where the company is also headquartered. Cedar Fair also owns four water parks and five hotels around the country.

Revenue from admissions to the parks rose 6.3 percent to $339.7 million in its third quarter. Revenue from food and merchandise bought at the parks rose 5.3 percent to $180.4 million.

NUMBERS: Net income rose to $190.4 million, or $3.41 per unit, in the quarter ending Sept. 29. That compares with $141 million, or $2.52 per unit, in the same quarter a year ago.

Revenue rose to 7 percent to $592.1 million from $553.4 million.

Analysts expected earnings of $2.87 per unit and revenue of $581.7 million, according to FactSet.

FUTURE: The company now expects full-year revenue between $1.125 billion and $1.135 billion, up from its previous forecast between $1.09 billion and $1.115 billion. Analysts had expected revenue of $1.119 billion.

STOCK: Up $1.09, or 2.4 percent, to $46.56 in midday trading. Earlier, Cedar Fair's shares rose as high as $47.48, an all-time high for the stock.

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