Cedar Fair reports full-year and fourth-quarter 2018 results
The company reported record full-year net revenues of $1.35 billion, up 2% from 2017.
Wednesday, February 13, 2019 8:33 AM
Cedar Fair Entertainment Company (NYSE: FUN) today reported record net revenues for its full-year and fourth-quarter 2018 results. The company also announced a new long-term Adjusted EBITDA growth target.
- The company reported record full-year net revenues of $1.35 billion, up 2% from 2017.
- Attendance at Cedar Fair's parks in 2018 was a record 25.9 million guests, a 1% increase from 2017; average in-park guest per capita spending in 2018 also increased 1%, to a record $47.69.
- Higher occupancy rates and average daily room rates at the company’s resort properties contributed to the record out-of-park revenues of $152 million, a 6% increase from the prior year.
- Continued demand for the company’s award-winning Halloween events and the expansion of its WinterFest events in the fourth quarter of 2018 resulted in a 9% increase in net revenues over the prior-year quarter.
- Sales to date on 2019 advance purchase commitments, including season passes, are up more than 25% from the same time last year, driven by expanded season pass offerings, a strong capital program and immersive new events scheduled to debut in 2019.
- The company announced new long-term growth initiatives and a 2023 Adjusted EBITDA target of $575 million, representing a 4% CAGR over the next five years.
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