Cedar Fair Reports Q2 Results, Says Most Parks Now Operating At Full Capacity

Image by Giovanna Orlando from Pixabay

Cedar Fair LP (FUN) reported second-quarter FY21 net revenues of $224.137 million, versus the consensus of $224.50 million. It reported $7 million in revenue last year.

The increase in net revenues was attributable to a 354-operating-day rise in the period, resulting in a 3.4 million-visit increase in attendance. In-park revenues were $190.7 million, and out-of-park revenue totaled $40.8 million.

The amusement parks had 393 operating days in Q2, excluding the culinary festival at Knott's Berry Farm, versus 39 last year. Operating expense climbed 132.8% Y/Y to $155.9 million. The operating loss narrowed 72.9% Y/Y to $(38.4) million. The company held $292.6 million in cash and equivalents as of July 27, 2021.

It reported EBITDA of $10.5 million and Adjusted EBITDA of $1.72 million. Loss per unit of $(1.04) beat the analyst consensus for a loss of $(1.11).

"As park restrictions have been relaxed and capacity expanded, attendance is now approaching 2019 levels, particularly on our busiest days," said CEO Richard A. Zimmerman.

For the 5-week period ended August 1, 2021, attendance totaled 5.2 million visits, a 23% decline compared with the 5-week period ended August 4, 2019.

Price action: FUN shares closed lower by 1.33% at $41.62 on Tuesday.