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Cedar Fair Reports Mixed Q3 Results

Shivani Kumaresan
·1 min read

  • Cedar Fair LP (NYSE: FUN) reported third-quarter FY22 sales growth of 12% year-on-year to $843.06 million, missing the consensus of $864.67 million.

  • During Q3, the parks had 1,088 operating days compared to 1,035 in 3Q19.

  • In-park per capita spending was $62.62, representing a 3% decrease over 3Q21 spending levels and a 25% increase from 3Q19.

  • Attendance totaled 12.3 million guests, an increase of 14% from 3Q21 and down by 7% from 3Q19.

  • The operating margin was 52.4%, and operating income for the quarter was $442.2 million. Adjusted EBITDA was $362 million.

  • The company held $288.4 million in cash and equivalents as of September 25, 2022.

  • Earnings per unit of $5.86 beat the analyst consensus of $3.86.

  • The Board has also authorized repurchase of up to $250 million of Cedar Fair units.

  • During the third quarter of 2022, the company fully repaid its term loan, reducing total outstanding debt on September 25, 2022, to $2.3 billion.

  • Price Action: FUN shares closed higher by 1.43% at $41.79 on Tuesday.

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© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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