The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Cedar Fair met expectations on revenues and whiffed on earnings per share.
Compared to the prior-year quarter, revenue dropped and GAAP earnings per share dropped.
Margins shrank across the board.
Cedar Fair notched revenue of $553.4 million. The three analysts polled by S&P Capital IQ predicted revenue of $548.9 million on the same basis. GAAP reported sales were 3.3% lower than the prior-year quarter's $572.3 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $2.64. The two earnings estimates compiled by S&P Capital IQ forecast $2.92 per share. GAAP EPS of $2.51 for Q3 were 8.4% lower than the prior-year quarter's $2.74 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 61.9%, 140 basis points worse than the prior-year quarter. Operating margin was 41.4%, 180 basis points worse than the prior-year quarter. Net margin was 25.4%, 130 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $141.7 million. On the bottom line, the average EPS estimate is -$0.10.
Next year's average estimate for revenue is $1.08 billion. The average EPS estimate is $2.27.
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 356 members out of 435 rating the stock outperform, and 79 members rating it underperform. Among 121 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 105 give Cedar Fair a green thumbs-up, and 16 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Cedar Fair is buy, with an average price target of $39.50.
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