Six Flags Entertainment Corp.’s stock went up 2.9% early Wednesday after the company said that strong consumer demand continued through October and that its third-quarter sales beat expectations.
Five Flags Cedar Fair, based in Charlotte, N.C., merged with Six Flags on July 1. The combined company made $215 million, or $4.21 a share, in the same quarter last year. This quarter, Six Flags FUN 2.26% only made $111 million, or $1.10 a share.
From $842 million a year ago, sales went up to $1.35 billion.
It was expected by FactSet that EPS would be $2.96 and sales would be $1.34 billion.
Extreme weather and other problems with operations at key points during the third quarter had an effect on our financial results, but demand for our parks stayed high when things got back to normal, Chief Executive Richard A. Zimmerman said in prepared comments.
“The strength of our business and high demand for our parks have been especially clear over the last five weeks, when more than a million more people visited than at traditional Cedar Fair and Six Flags during the same time last year.”
In the quarter, 21.0 million people went to the parks, and 9.2 million of them went to legacy Six Flags parks that were added when the two parks merged. FactSet agreed that there would be 20.8 million people. Each person who went to the park spent $61.27.
Since the merger, the company has been looking at its costs. According to Zimmerman, the company expects to see run-rate cost savings of $50 million by the end of the year and another $70 million by the end of 2025.
He said that the company now wants to have at least $800 million in yearly unlevered pre-tax free cash flow by 2027.
In the quarter, there were 2,585 working days, up from 1,091 during the same time in 2023. Out of the 1,494 more working days, 1,591 came from old Six Flags parks. This was partly balanced by 71 fewer operating days at old Cedar Fair parks. That was because of a change in the fiscal calendar, planned shortenings of the working calendars, and bad weather like Hurricanes Beryl, Debby, and Helene.
Six Flags now expects to have 6.5 million visitors, which is a 20% increase from the five weeks that finished on November 3. That led to an 8% rise in sales of 2025 season passes, which reached 60,000 pieces.
So far this year, the stock has gone up 6.9%, while the S&P 500 has gone up 21%. Six Flags Entertainment Corp.’s stock went up 2.9% early Wednesday after the company said that strong consumer demand continued through October and that its third-quarter sales beat expectations.
Five Flags Cedar Fair, based in Charlotte, N.C., merged with Six Flags on July 1. The combined company made $215 million, or $4.21 a share, in the same quarter last year. This quarter, Six Flags FUN 2.26% only made $111 million, or $1.10 a share.
From $842 million a year ago, sales went up to $1.35 billion.
It was expected by FactSet that EPS would be $2.96 and sales would be $1.34 billion.
Extreme weather and other problems with operations at key points during the third quarter had an effect on our financial results, but demand for our parks stayed high when things got back to normal, Chief Executive Richard A. Zimmerman said in prepared comments.
“The strength of our business and high demand for our parks have been especially clear over the last five weeks, when more than a million more people visited than at traditional Cedar Fair and Six Flags during the same time last year.”
In the quarter, 21.0 million people went to the parks, and 9.2 million of them went to legacy Six Flags parks that were added when the two parks merged. FactSet agreed that there would be 20.8 million people. Each person who went to the park spent $61.27.
Since the merger, the company has been looking at its costs. According to Zimmerman, the company expects to see run-rate cost savings of $50 million by the end of the year and another $70 million by the end of 2025.
He said that the company now wants to have at least $800 million in yearly unlevered pre-tax free cash flow by 2027.
In the quarter, there were 2,585 working days, up from 1,091 during the same time in 2023. Out of the 1,494 more working days, 1,591 came from old Six Flags parks. This was partly balanced by 71 fewer operating days at old Cedar Fair parks. That was because of a change in the fiscal calendar, planned shortenings of the working calendars, and bad weather like Hurricanes Beryl, Debby, and Helene.
Six Flags now expects to have 6.5 million visitors, which is a 20% increase from the five weeks that finished on November 3. That led to an 8% rise in sales of 2025 season passes, which reached 60,000 pieces.
So far this year, the stock has gone up 6.9%, while the S&P 500 has gone up 21%.
