CEDAR FAIR L.P. $53 - New York symbol FUN

CEDAR FAIR L.P. $53 (New York symbol FUN; Income Portfolio, Consumer sector; Units outstanding: 55.7 million; Market cap: $3.0 billion; Price-to-sales ratio: 2.7; Dividend yield: 5.3%; TSINetwork Rating: Average; www.cedarfair.com) owns 11 amusement parks, three outdoor water parks, one indoor water park and five hotels.

In 2013, the partnership earned a record $108.2 million, or $1.94 a unit. That’s up 6.2% from $101.9 million, or $1.81 a unit, in 2012. Revenue rose 6.3%, to a record $1.14 billion from $1.07 billion.

These gains are mainly because guests spent an average of 5.2% more at its parks. Out-of-park revenue (mainly from hotel rooms and food) rose 6.3%. The partnership’s parks and hotels attracted 23.5 million guests in 2013, up 0.9%.

Cedar Fair has raised its quarterly distribution by 12.0%. The annual rate of $2.80 a unit yields 5.3%.

The partnership’s rising earnings and distributions have pushed the stock up over 42% in the past year. It now trades at 17.3 times Cedar Fair’s projected 2014 earnings of $3.07 a unit.

Cedar Fair is a hold.

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