Cedar Fair LP FUN reported a fourth-quarter FY23 sales growth of 1% year-on-year to $371.12 million, beating the analyst consensus of $366.96 million.
The net loss of $(10) million compared with net income of $12 million Y/Y is primarily due to transaction costs related to the proposed merger with Six Flags Entertainment Corp SIX.
The attendance totaled a record 5.78 million guests, up 9%, Y/Y. The increase in attendance was primarily attributable to increased season pass visits.
In-park per capita spending was $58.61, down by 7% Y/Y. The decrease was primarily due to a shift in attendance mix to lower-priced ticketing channels.
Out-of-park revenues were a record $42.5 million, up 7% Y/Y.
During the quarter, the parks had 377 operating days compared to 366 Y/Y.
The operating margin was 7.8% versus 13.5% a year ago. The operating income for the quarter was $28.8 million, down by 42% Y/Y.
Adjusted EBITDA was $88.86 million, down from $87.83 million Y/Y.
The company held $65.49 million in cash and equivalents as of December 31, 2023.
The board approved a quarterly cash distribution of $0.30 per LP unit.
Commenting on the proposed merger with Six Flags, Cedar Fair CEO Richard Zimmerman concluded, “Cedar Fair and Six Flags continue to work constructively with the DOJ in its review of the merger and continue to expect it will be completed in the first half of 2024.”
Price Action: FUN shares closed lower by 1.29% at $41.34 on Wednesday.
Photo via Wikimedia Commons
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