Park operator expects a better 2021

Article Excerpt

CEDAR FAIR L.P. $46 is still a hold. The partnership (New York symbol FUN; Income Portfolio, Consumer sector; Units outstanding: 56.7 million; Market cap: $2.6 billion; Price-to-sales ratio: 18.9; Dividend suspended in June 2020; TSINetwork Rating: Average; www.cedarfair.com) owns 11 amusement parks and four water parks. It also operates hotels (2,300 rooms) and 600 luxury RV sites. COVID-19 forced Cedar Fair to close most of its parks in 2020 and the first few months of 2021. As well, it had to limit attendance at the parks it did open. That’s why its revenue in the first quarter of 2021 fell 81.8%, to $9.7 million from $53.6 million a year earlier. The partnership typically loses money in the first quarter as most of its parks don’t open until the summer. Those losses shrank to $1.95 a unit (or a total of $110.4 million) from $3.83 a unit (or $216.0 million). However, that year-earlier figure included an $88.2 million writedown of its 2019…

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