Vail Resorts Miss Q3 Estimates, Shares Down (MTN)
Although Vail Resorts Inc. (NYSE: MTN) said late last evening that its fiscal third-quarter profit rose 23%, shares of the ski resort operator slumped in aftermarket hours as both earnings and revenue missed analysts’ consensus estimate.
For the fiscal third quarter, Vail Resorts reported net income of $97.6 million or $2.66 a share compared to a profit of $79.6 million or $2.17 a share, in the same quarter of last year. Analysts surveyed by Thomson Reuters were expecting earnings of $2.74 a share.
Revenue rose 11.5% to $469.7 million from $421.1 million, in the year-earlier quarter. Analysts’ consensus forecast was for revenue of $474.17 million.
Revenue from the mountain segment increased 13% to $402.0 million from $354.6 million, in the same quarter of last year, aided by hike in lift tickets prices, dining prices and higher ski school rentals.
Revenue from lift-ticket segment, (excluding revenue arising from acquisitions and proceeds from season pass and ski-school) jumped 13.4%.
Dining revenue rose 21% while retail/rental revenue climbed 10%. Spring pass sales on dollar terms for the upcoming season jumped 24% while its rose 18% on unit terms.
Reflecting optimism over the spring season pass sales for the forthcoming season, Vail Resort’s Chief Executive Robert Katz said in a statement, “We are extremely pleased that our spring season pass sales through May 28, 2013 for the upcoming 2013/2014 ski season, increased approximately 18 percent in units and approximately 24 percent in sales dollars, as compared to the prior year period through May 29, 2012.”
“We continue to see increased demand and are encouraged by the level of interest and rate of sales we are seeing at both of our development projects,” added Katz.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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