Bad Weather Dampened Cedar Fair's Q1 Earnings, Misses Consensus Estimates - Cedar Fair (NYSE:FUN)

Cedar Fair LP FUN reported Q1 2023 sales of $84.6 million, down from $98.8 million a year ago, missing the consensus of $104.2 million.
During Q1, the parks had 161 operating days compared to 130 in Q1 2022.
In-park per capita spending was $64.47, representing a 10% increase Y/Y led by increased levels of guest spending on admissions, food and beverage, and merchandise.
Attendance totalled 1.1 million guests, down from 1.5 million a year ago.
The company reported an adjusted EBITDA loss of $(101.1) million vs. a loss of $(68.4) million a year ago due to lower attendance on unusually rough weather in California and higher costs.
EPS loss of $(2.61) came below the analyst consensus of $(1.83).
The company held $34 million in cash and equivalents as of March 31, 2023.
In April, the company completed its $250 million share repurchase program, buying back 6 million limited partnership units since inception. The Board has authorized a new repurchase authorization of up to $250 million of units.
It declared dividends of $0.30 to be payable on June 21, 2023, to shareholders of record as of June 7, 2023.
"Cedar Fair is poised to capture the full potential of our upcoming busiest and most profitable days of the year, as the remaining three quarters typically account for 95% of full-year attendance and net revenues.... As we fully reopen all our parks between now and Memorial Day, we are confident we will continue to build on the momentum we achieved last year," said Richard A. Zimmerman, President and CEO.
Price Action: FUN shares are trading lower by 1.23% at $40.38 on the last check Wednesday.

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