Vail Resorts, Inc. (NYSE:MTN) stock rose 0.20% (As on March 12, 12:17:36 AM UTC-4, Source: Google Finance) after the company’s second-quarter net income increased to $219.3 million from $208.7 million in the same period last year. However, this increase was overshadowed by a decrease in total skier visits by 9.7% and a 9.3% decline in retail/rental revenue for North American resort and ski area store locations. Despite these challenges, season-to-date ski school revenue saw a 5.5% increase.

Moreover, total lift revenue increased $10.9 million, or 1.8%, compared to the same period in the prior year, to $603.5 million for the three months ended January 31, 2024, primarily due to an increase in North American pass product revenue, which increased 8.3% due to an increase in pass product sales for the 2023/2024 North American ski season compared to the prior year. Ski school revenue increased $3.2 million, or 2.6%, primarily driven by increased revenue at the resorts in Colorado and Park City, which benefited from an increase in guest spending per visit. Dining revenue decreased $3.8 million, or 4.4%, primarily due to decreased revenue from on-mountain dining venues at the resorts in the Eastern U.S. and Tahoe, partially offset by an increase in guest spending per visit. Mountain Reported EBITDA increased $21.5 million, or 5.4%, for the second quarter compared to the same period in the prior year, which includes $6.3 million of stock-based compensation expense for the three months ended January 31, 2024 compared to $5.7 million in the same period in the prior year. Mountain Reported EBITDA increased $21.5 million, or 5.4%, for the second quarter compared to the same period in the prior year.

MTN in the second quarter of FY 24 has reported the adjusted earnings per share of $5.76, missing the analysts’ estimates for the adjusted earnings per share of $6.07, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 2.6 percent to $1.08 billion in the second quarter of FY 24, missing the analysts’ estimates for revenue of $1.15 billion.

Looking ahead, Vail Resorts has adjusted its fiscal 2024 guidance, now expecting net income to be between $270 million and $325 million and Resort Reported EBITDA to range from $849 million to $885 million. This includes an estimated $4 million of acquisition-related expenses for Crans-Montana but excludes any estimate for closing costs, operating results, or integration expenses associated with the acquisition.