Breaking News Instant updates and real-time market news.

FUN

Cedar Fair

$51.84

2.82 (5.75%)

05:28
10/30/18
10/30
05:28
10/30/18
05:28

Cedar Fair reports Q3 EPS $3.76, consensus $3.24

Reports Q3 revenue $664M, consensus $659.42M. Cedar Fair's net revenues increased to $664 million for the third quarter, up $11 million, or 2%, compared with the third quarter ended September 24, 2017. The increase in revenues was the result of a 2%, or $0.74, increase in average in-park guest per capita spending to $49.47, as well as a $5 million, or 8%, increase in out-of-park revenues to $70 million compared with the same period a year ago. These increases were slightly offset by a less than 1%, or 57,000-visit, decrease in attendance to 12.4 million visits compared with the third quarter of 2017. The increase in average in-park guest per capita spending was driven by a 4% increase in pure in-park spending, while admissions per capita was comparable with the third quarter last year. Excluding the free pre-K season pass program, admissions per capita would have been up 1% compared with the same period last year. The food and beverage category led the increase in pure in-park spending, supported by the increasing popularity of the all-season dining and beverage programs. The increase in out-of-park revenues resulted from higher occupancy rates and average daily room rates at the company's resort hotels, including the new 158-room tower at Cedar Point's historic beachfront Hotel Breakers. Although attendance increased in August and the post-Labor Day period, overall attendance during the quarter declined modestly due to inclement weather. Disruptive weather patterns across most of the country throughout July and the impact of Hurricane Florence, which forced the closure of two parks in the Mid-Atlantic for a weekend in September, contributed to the slight decline in attendance for the quarter.

  • 30

    Oct

FUN Cedar Fair
$51.84

2.82 (5.75%)

08/02/18
WEDB
08/02/18
NO CHANGE
Target $58
WEDB
Outperform
Cedar Fair price target lowered to $58 from $65 at Wedbush
Wedbush analyst James Hardiman lowered his price target for Cedar Fair to $58 from $65, citing negative trends through July. Despite disappointing year-to-date results all around, the analyst continues to believe that the 2018 distribution is safe, as is a 4% increase in the 2019 distribution. He reiterates an Outperform rating on the shares.
08/02/18
KEYB
08/02/18
NO CHANGE
Target $70
KEYB
Overweight
Cedar Fair price target lowered to $70 from $75 at KeyBanc
KeyBanc analyst Brett Andress lowered his price target for Cedar Fair to $70 from $75 after results came in below reset expectations, as weather was officially called out as the culprit. Unfavorable weather continued through July and prompted the more cautious guidance, he adds. The analyst reiterates an Overweight rating on the shares.
09/06/18
STFL
09/06/18
NO CHANGE
STFL
Cedar Fair price target raised to $64 from $62 at Stifel
Stifel analyst Steven Wieczynsk reiterated a Buy rating on Cedar Fair and raised his price target on shares to $64 from $62 after the company reported "broadly better than expected" preliminary operating results for August, with a 6% year-over-year increase in revenue, a 5% year-over-year increase in attendance, and a 7% year-over-year increase in out-of-park revenue.
10/04/18
SBSH
10/04/18
NO CHANGE
Target $20
SBSH
Sell
Citi remains bearish on SeaWorld despite upping target to $20
Citi analyst Jason Bazinet raised his price target for SeaWorld Entertainment (SEAS) to $20 from $15 but maintains a Sell rating on the shares. The stock's valuation is "rich on many metrics" after rallying 100% since May, Bazinet tells investors in a research note. He believes the multiple "looks stretched" when compared to peers like Six Flags (SIX) and Cedar Fair (FUN) given light of SeaWorld's higher capital intensity, lower free cash flow, lower dividend yield and higher leverage. Further, Bazinet expects SeaWorld's attendance trends to slow amid tougher comps.

TODAY'S FREE FLY STORIES

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.