North American amusement park operator Cedar Fair (NYSE:FUN) will be reporting results tomorrow before the bell. Here's what to look for.
Cedar Fair beat analysts' revenue expectations by 152% last quarter, reporting revenues of $234.9 million, up 3.6% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts' visitors estimates and a decent beat of analysts' earnings estimates.
Is Cedar Fair a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Cedar Fair's revenue to grow 2.1% year on year to $964.9 million, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $0.85 per share.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing 2 upward revisions over the last 30 days. Cedar Fair has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 91.8% on average.
Looking at Cedar Fair's peers in the leisure facilities segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Life Time delivered year-on-year revenue growth of 18.9%, beating analysts' expectations by 5.2%, and Live Nation reported revenues up 7%, in line with consensus estimates. Life Time traded up 7.5% following the results while Live Nation was also up 1.6%.
Read our full analysis of Life Time's results here and Live Nation's results here.
Investors in the leisure facilities segment have had steady hands going into earnings, with share prices up 1.5% on average over the last month. Cedar Fair is down 20.6% during the same time and is heading into earnings with an average analyst price target of $60 (compared to the current share price of $44.01).
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