Six Flags Entertainment Corporation ( FUN ) shares are trading slightly higher on Thursday.

The merger of legacy Cedar Fair and legacy Six Flags occurred on July 1, 2024, after the second quarter close.

Accordingly, the reported results presented in this earnings release reflect the financial results for the combined company from Sept. 30, 2024, through Dec. 31, 2024 (fourth quarter).

Quarterly sales of $687.31 million missed the street view of $700.52 million. The increase in net revenues reflects $324 million of the net revenues related to the legacy Six Flags operations added in the merger.

Adjusted EBITDA increased by $120 million to $209 million. The increase in Adjusted EBITDA included $113 million from legacy Six Flags operations and a $7 million increase from legacy Cedar Fair operations, including the impact of the fiscal quarter calendar shift.

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“We successfully achieved more than $50 million in gross cost synergies and drove meaningful improvement in guest satisfaction scores and higher guest demand,” said Six Flags President and CEO Richard A. Zimmerman. 

Modified EBITDA margin increased 650 bps to 30.4% from the year-ago period. The combined company reported net loss of $2.76 per share in the fourth quarter.

The company exited the quarter with cash and equivalents worth $83.174 million.

Outlook: For 2025, Six Flags is targeting Adjusted EBITDA of $1.08 billion to $1.12 billion, exclusive of any portfolio optimization efforts.

“Our 2025 guidance reflects the strong progress we’ve made to date and our belief in the opportunities ahead as we execute our initiatives to drive higher levels of attendance and guest spending, while realizing cost synergies and maximizing operating efficiencies,” Zimmerman added.

Price Action: FUN shares are trading higher by 2.52% to $47.15 premarket at last check Thursday.

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