Amusement park operator has bright outlook

Article Excerpt

CEDAR FAIR L.P. $49 (New York symbol FUN; Income Portfolio, Consumer sector; Units outstanding: 56.4 million; Market cap: $2.8 billion; Price-to-sales ratio: 2.1; Dividend yield: 7.6%; TSINetwork Rating: Average; www.cedarfair.com) began operating in 1987 and is now one the world’s largest amusement park operators. Its parks attracted over 25 million visitors in 2017. The company’s flagship park is Cedar Point, in Sandusky, Ohio, which was first developed as a recreational area in 1870. Its other major parks include Knott’s Berry Farm near Los Angeles, Kings Island in Cincinnati, Dorney Park in Pennsylvania and Adventure in central Michigan. In 2006, Cedar Fair expanded outside the U.S. for the first time when it purchased Canada’s Wonderland near Toronto. In all, it owns 11 amusement parks, three water parks (two outdoor, one indoor) and five hotels. Strong revenue and earnings growth Thanks to new rides and attractions, Cedar Fair’s revenue rose 16.5%, from $1.13 billion in 2013 to $1.32 billion in 2017. Earnings gained 95.4%, from $108.2 million in…

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