Cedar Fair LP
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Consumer Discretionary : Hotels, Restaurants & Leisure | Small Cap Value
Company profile

Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels. The amusement parks include Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm, near Los Angeles, California; Canada's Wonderland, near Toronto, Canada; Kings Island, near Cincinnati, Ohio; Carowinds, in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom (Dorney Park), in Allentown, Pennsylvania; Kings Dominion, near Richmond, Virginia; California's Great America, in Santa Clara, California; Valleyfair, near Minneapolis/St. Paul, Minnesota; Worlds of Fun, in Kansas City, Missouri, and Michigan's Adventure, in Muskegon, Michigan. It manages and operates Gilroy Gardens Family Theme Park in Gilroy, California.

Closing Price
$29.90
Day's Change
0.10 (0.34%)
Bid
--
Ask
--
B/A Size
--
Day's High
30.20
Day's Low
29.25
Volume
(Below Average)
Volume:
402,329

10-day average volume:
501,475
402,329

Avis stock jumps more than 10% as company says rental-car market improved

6:15 pm ET July 28, 2020 (MarketWatch)
Print

Shares of Avis Budget Group Inc. (CAR) rallied nearly 10% in the extended session Tuesday after the car-rental company said it capitalized on the recovering used-car market to sell more vehicles than planned, shrinking its fleet to match demand dented by the coronavirus pandemic, and that it saw more people renting cars for leisure in recent weeks. Avis said it lost $481 million, or $6.91 a share, in the second quarter, versus a profit of $62 million, or 81 cents a share, in the year-ago period. Adjusted for one-time items, Avis lost $388 million, or $5.60 a share, in the quarter, contrasting with a profit of 79 cents a share a year ago. Sales fell 67% year-over-year to $760 million. Analysts polled by FactSet had expected an adjusted loss of $5.68 a share on sales of $719 million. Avis said it ended the quarter with liquidity around $1.5 billion. It had estimated a cash burn around $900 million, but the quarter's cash burn was $580 million, "due to continued vigilance around expense control and stronger than anticipated vehicle fleet disposals," it said. Avis said rental volumes have shown consistent increases every week since early April, and last week it scored its best volume to date in the U.S. and internationally on "increased leisure activity," Chief Executive Joe Ferraro said in a statement. "Coupled with the significant reduction of vehicles as we right size our fleet to current demand, we anticipate both positive cash flow and adjusted EBITDA for the remainder of 2020," Ferraro said.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

July 28, 2020 18:15 ET (22:15 GMT)

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