Cedar Fair reports record revenue but lower profit

8/2/2017

Cedar Fair, the parent owner of Cedar Point, saw record second quarter revenues this year, though its profits were significantly lower,

SANDUSKY — Amusement park operator Cedar Fair LP saw record second quarter revenues this year, though its profits were significantly lower. Part of that, the company said, was because it paid off a significant chunk of debt.

The Sandusky firm said it earned $31.4 million in the second quarter, or 55 cents a share, down from $58 million, or $1.03 a share, in last year’s second quarter. Revenues were up 5 percent to a record $393 million.

Cedar Fair said park visits rose 2 for the quarter, while out-of-park revenues were up 3 percent.

July attendance figures were also up 2 percent, the company said.

In spite of the strong revenues, Cedar Fair missed analysts’ consensus earnings per share estimate of $1.04. Cedar Fair said one reason for the lower profit was a $23.1 million loss on paying off of some debt.

It also announced it would pay a quarterly dividend of 85.5 cents a share, payable Sept. 15 to unit holders of record on Sept. 6.

Cedar Fair operates 11 amusement parks, including its flagship Cedar Point park in Sandusky. The company plans to announce that park’s major new attraction for 2018 on Aug. 17.