Cedar Fair Entertainment 3Q profit up 69 percent

The amusement park and water park operator reported earnings climbed to $91.5 million, or $1.65 per limited partner unit, from $54.1 million, or 98 cents per limited partner unit.

Analysts polled by Thomson Reuters predicted net income of $2.33 per limited partner unit. Analyst estimates typically exclude one-time items.

The prior-year period's results included a $39.2 million non-cash impairment charge related to a restructuring.

For the period ended Sept. 28, revenue fell 5 percent to $540.3 million from $567.5 million due to one less week in the quarter and declining attendance.

The results missed Wall Street's estimate of $553.4 million in revenue.

Admissions revenue slipped to $312.6 million from $320.4 million, while sales of food, merchandise and games dropped to $189.5 million from $202.1 million. Revenue from accommodations and other sources slid to $38.2 million from $45.1 million.

Attendance dipped 3 percent during the quarter to 12.4 million visits.

Cedar Fair had $1.7 billion of variable-rate debt and no outstanding borrowings on its revolving credit agreements as of Sept. 28. The company had $71.7 million in available cash at the end of the quarter compared with $37 million a year earlier. About $17.5 million of debt is set to mature within the next 12 months.

Shares of Cedar Fair Entertainment slipped 13 cents to $18.50 in morning trading.