Cedar Fair shares hit all-time high


Staff and wire report

Shares of Cedar Fair LP hit an all-time high Thursday after the theme park operator said its third-quarter net income rose 35 percent as more people visited its parks and spent more money there. The company also raised its outlook for the full year above what Wall Street was expecting.

The company owns 11 amusement parks, including Kings Island in Mason and Cedar Point in Sandusky, Ohio, where the company is also headquartered. Cedar Fair also owns four water parks and five hotels around the country.

Revenue from admissions to the parks rose 6.3 percent to $339.7 million in its third quarter. Revenue from food and merchandise bought at the parks rose 5.3 percent to $180.4 million.

Net income rose to $190.4 million, or $3.41 per unit, in the quarter ending Sept. 29. That compares with $141 million, or $2.52 per unit, in the same quarter a year ago.

Revenue rose to 7 percent to $592.1 million from $553.4 million.

Analysts expected earnings of $2.87 per unit and revenue of $581.7 million, according to FactSet.

The company now expects full-year revenue between $1.125 billion and $1.135 billion, up from its previous forecast between $1.09 billion and $1.115 billion. Analysts had expected revenue of $1.119 billion.

Cedar Fair’s shares (NYSE: FUN) rose as high as $47.48, an all-time high for the stock. The stock closed Thursday at $46.72, up $1.25 or 2.6 percent.

“This year, the majority of our FUNforward initiatives exceeded our expectations by meeting our targets sooner than planned, and in some cases, surpassing our targets,” said Matt Ouimet, Cedar Fair’s president and chief executive officer, in a statement.

“We had great response to our capital plans, strong momentum in season pass sales, continued success in premium product offerings and broad improvements in our food and beverage offerings this past year,” Ouimet added. “We look forward to maintaining this momentum and building on these initiatives as we head into 2014.”



Reader Comments ...


Next Up in Business

Local pet-meal delivery service launches
Local pet-meal delivery service launches

A new, locally based meal delivery service for pets? It’s real. Vandalia-based Ahler’s Catering and Nutritional Services — part of Demetrius of Forty Churches LLC — has announced that it will offer a pet meals program for clients in the Dayton and Springfield areas. RELATED: New pet supplies shop opens downtown Ahler&rsquo...
Leaving for the holidays? Record travel expected for Thanksgiving
Leaving for the holidays? Record travel expected for Thanksgiving

Thanksgiving week travel is expected to reach a post-recession high this year, with more than 50 million Americans expected to venture out — the most traveling in more than a decade. About 50.9 million Americans will journey 50 miles or more away from home this week, a 3.3 percent — or 1.6 million more people — increase over last...
Defense bill to benefit Springfield airport, drone research
Defense bill to benefit Springfield airport, drone research

An amendment included in a recent $700 billion defense authorization bill is expected to encourage more cooperation between the military and Federal Aviation Administration, including for work at the Springfield-Beckley Municipal Airport. The House bill passed this week will add more planes, ships and troops at a time Pentagon leaders say the military...
4 of the best ways to turn your home into a cash cow
4 of the best ways to turn your home into a cash cow

Your house is a large expense with many associated costs like a mortgage payment, insurance, maintenance and more. It provides a roof over your head, of course, but since it usually costs you money each month, why not put it to work for you and earn some cash in the process? The following are four ways your house can make you money: If you're planning...
6 things to know about working for Uber
6 things to know about working for Uber

Uber has been making headlines in recent months for everything from a new CEO to industry regulation. But if you want to work as a driver for the service that revolutionized the taxi-transport industry, there is more important information about Uber you'll want to check out. Here are six things you need to know about Uber before working for them...
More Stories