Cedar Fair Q3 Earnings Miss Estimates; Will Boost Distribution 56% (FUN)
Amusement park operator Cedar Fair L.P. (FUN) on Tuesday posted disappointing third quarter earnings results, but noted it would increase its partnership distributions substantially for fiscal 2013.
The Sandusky, OH-based company reported third quarter net income of $111.6 million, or $2.00 per share, compared with just $71.6 million, or $1.28 per share, in the year-ago period. Excluding special items, adjusted profit was $2.51 per share.
On average, Wall Street analysts expected a much higher profit of $2.51 per share in the latest quarter.
In a separate announcement, FUN said it plans to increase its annual distribution to shareholders to $2.50 per share for fiscal 2013, up from a current level of $1.60 per share.
Cedar Fair shares posted small gains in premarket trading Tuesday.
The Bottom Line
Shares of Cedar Fun L.P. (FUN) have a 4.47% dividend yield, based on last night’s closing stock price of $35.80. The stock has technical support in the $32 price area. The shares are trading near all-time highs.
Cedar Fair L.P. (FUN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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