Cedar Fair LP (NYSE: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 (NYSE: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.

Price Action: FUN shares closed lower by 1.29% at $41.34 on Wednesday.

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