Vail Resorts, Inc. (NYSE:MTN) Beats Analysts’ Expectations

Vail Resorts, Inc. (NYSE:MTN) stock rose 4.77% (As on September 29, 11:41:52 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. Net income attributable to Vail Resorts, Inc. was $347.9 million for fiscal 2022 compared to net income attributable to Vail Resorts, Inc. of $127.9 million for fiscal 2021. The increase is primarily due to the greater impact of COVID-19 and related limitations and restrictions on results in the prior year. Resort Reported EBITDA was $836.9 million for fiscal 2022, compared to Resort Reported EBITDA of $544.7 million for fiscal 2021.

MTN in the fourth quarter of FY 22 has reported the adjusted loss per share of $2.70, beating the analysts’ estimates for the adjusted loss per share of $2.92. The company had reported the adjusted revenue of $267.14 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $262.3 million. Total lift revenue increased $233.6 million, or 21.7%, to $1,310.2 million primarily due to increased pass product sales for the 2021/2022 North American ski season, as well as an increase in non-pass lift ticket purchases. Ski school revenue increased $79.4 million, or 55.1%, dining revenue increased $71.5 million, or 77.6%, and retail/rental revenue increased $83.8 million, 36.7%, each primarily due to fewer COVID-19 related limitations and restrictions on the North American winter operations as compared to the prior year, as well as an increase in demand over the prior year. Lodging segment net revenue (excluding payroll cost reimbursements) increased $101.8 million, or 51.2%, primarily as a result of fewer COVID-19 related limitations and restrictions as compared to the prior year, as well as an increase in demand and average daily rates compared to the prior year and incremental revenue from the Seven Springs Resorts of $18.7 million.

Additionally, the Company has declared a quarterly cash dividend of $1.91 per share of Vail Resorts’ common stock that will be payable on October 24, 2022 to shareholders of record as of October 5, 2022.

For fiscal 2023, the company expects Resort Reported EBITDA to be between $893 million and $947 million, including an estimated $4 million of acquisition and integration related expenses specific to the Seven Springs Resorts and Andermatt-Sedrun.

Meanwhile, the Company has recently closed on its purchase of a majority stake in Andermatt-Sedrun, marking the Company’s first strategic investment in, and opportunity to operate, a ski resort in Europe.

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