Cedar Fair Entertainment Company (NYSE: FUN), a leading amusement park company, today reported financial results for the second quarter ended June 30, 2023.
Key Highlights:
Net revenues of $506.3 million, an increase of 20.3% compared to the second quarter of 2022.
Net income of $140.1 million, or $4.33 per diluted share, compared to $84.9 million, or $2.64 per diluted share, in the second quarter of 2022.
Attendance of 4.9 million, an increase of 21.8% compared to the second quarter of 2022.
Operating cash flow of $222.9 million, an increase of 49.9% compared to the second quarter of 2022.
Commenting on the results, CEO Richard Zimmerman said, “We are pleased to report another strong quarter of financial performance, with net revenues and net income exceeding our expectations. Attendance was up 21.8%, and our operating cash flow increased 49.9%, both of which were driven by strong guest demand. We are also pleased with our progress on our strategic initiatives, including the continued development of our Cedar Point Shores Waterpark and the launch of our new Cedar Fair Vacation Club.”
Looking ahead, Zimmerman said, “We are confident in our ability to continue to deliver strong financial performance in the second half of the year. We expect attendance to remain strong, and we are excited to see the impact of our new waterpark and vacation club on our results. We are also focused on executing on our strategic initiatives, which will position us for long-term growth.”
July Performance Update:
Cedar Fair also provided an update on its July performance. Attendance for the month was 2.8 million, an increase of 19.3% compared to July 2022. Operating cash flow for the month was $58.4 million, an increase of 42.8% compared to July 2022.
Zimmerman concluded, “We are off to a great start in the third quarter, with attendance and operating cash flow both up significantly compared to last year. We are confident that we will continue to deliver strong financial performance in the remainder of the year.”
