FX.co ★ Cedar Fair Q1 Loss Narrows, Revenues Rise; Approves Dividend

Cedar Fair, a company specializing in amusement parks, announced a first-quarter net loss of $133 million on Thursday. This figure represents a slight improvement over the previous year's net loss of $135 million. The reported loss equals $2.63 per limited partnership (LP) unit, a slight increase compared to last year's loss of $2.61 per LP unit.

Historically, Cedar Fair operates at a loss during the first quarter as most parks under their management are closed. The first quarter performance usually contributes around 5% to their full-year attendance and net revenues. Notably, this year's first quarter spanned 13 weeks compared to 12 weeks the previous year due to a shift in the calendar.

The company also reported a $97 million Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss for the quarter, marking an improvement from a $101 million loss the year prior.

Net revenues reached $102 million with 1.3 million guests attending Cedar Fair's parks for the quarter, depicting a growth from the previous year's $85 million from 1.1 million guests. When comparing similar weekly periods – the three months ending March 31, with the three months ending April 2, 2023 – net revenues would have seen a 3% increase, while attendance would have surged by 10%.

Finally, Cedar Fair's Board of Directors approved a quarterly cash distribution of $0.30 per LP unit, set for payment on June 19 to unitholders officially recorded as of June 5.