Vail Resorts, Inc. (NYSE:MTN) stock rose 3.81% (As on December 8, 11:13:33 AM UTC-4, Source: Google Finance) after the company posted mixed results for the first quarter of FY 24. Net loss attributable to Vail Resorts, Inc. was $175.5 million for the first quarter of fiscal 2024 compared to a net loss attributable to Vail Resorts, Inc. of $137.0 million in the same period in the prior year. Resort Reported EBITDA loss was $139.8 million for the first quarter of fiscal 2024, compared to a Resort Reported EBITDA loss of $96.5 million for the first quarter of fiscal 2023. Resort Reported EBITDA declined compared to the prior year period primarily driven by cost inflation, including a $7 million impact of our fiscal 2023 employee investment which went into effect in October 2022, $14 million lower EBITDA from the Australian resorts.

Pass product sales through December 4, 2023 for the upcoming 2023/2024 North American ski season increased approximately 4% in units and approximately 11% in sales dollars as compared to the period in the prior year through December 5, 2022. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying current U.S. dollar exchange rates to both current period and prior period sales for Whistler Blackcomb.

MTN in the first quarter of FY 24 has reported the adjusted loss per share of $4.60, beating the analysts’ estimates for the adjusted loss per share of $4.54, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 35.9 percent to $258.6 million in the first quarter of FY 24, missing the analysts’ estimates for revenue of $271.8 million.

Additionally, the Company declared a quarterly cash dividend of $2.06 per share of Vail Resorts’ common stock that will be payable on January 9, 2024 to shareholders of record as of December 26, 2023 and repurchased approximately 0.2 million shares during the quarter at an average price of approximately $211 for a total of $50 million. On November 30, 2023, the Company announced it had entered into an agreement to acquire Crans-Montana Mountain Resort in Switzerland, the Company’s second ski resort in Europe. The Company expects the acquisition to close during the 2023/2024 ski and ride season.

The Company reaffirmed its guidance for fiscal year 2024 of $316 million to $394 million of net income attributable to Vail Resorts, Inc. and $912 million to $968 million of Resort Reported EBITDA.