Vail Resorts, Inc. (NYSE:MTN) stock fell 6.28% (As on September 29, 11:17:12 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the fourth quarter of FY 23. Net income attributable to Vail Resorts, Inc. was $268.1 million for fiscal 2023 compared to net income attributable to Vail Resorts, Inc. of $347.9 million for fiscal 2022. The decrease in net income attributable to Vail Resorts, Inc. compared to the prior year is primarily attributable to a large gain on disposal of fixed assets in fiscal 2022 and an increase in fiscal 2023 expense associated with a change in the estimated fair value of the contingent consideration liability related to the Park City resort lease. Pass product sales through September 22, 2023 for the upcoming 2023/2024 North American ski season increased approximately 7% in units and approximately 11% in sales dollars as compared to the period in the prior year through September 23, 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. Resort Reported EBITDA was $834.8 million for fiscal 2023, compared to $836.9 million for fiscal 2022.

MTN in the fourth quarter of FY 23 has reported the adjusted loss per share of $3.35, missing the analysts’ estimates for the adjusted loss per share of $3.24, according to analysts surveyed by Zacks Investment Research. The company had reported the adjusted revenue of $269.8 million in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $281.9 million.

Additionally, the company has declared a quarterly cash dividend of $2.06 per share of Vail Resorts’ common stock that will be payable on October 26, 2023 to shareholders of record as of October 10, 2023 and repurchased approximately 0.4 million shares during the quarter at an average price of $247 for a total of $100 million. For the full fiscal year, the Company repurchased approximately 2.2 million shares, or 5.4% of shares outstanding, at an average price of approximately $229 for a total of $500 million.

The Company provided its outlook for fiscal 2024 and expects net income attributable to Vail Resorts, Inc. to be between $316 million and $394 million and Resort Reported EBITDA to be between $912 million and $968 million. Fiscal 2024 guidance, among other assumptions described below, assumes a continuation of the current economic environment and normal weather conditions for the 2023/2024 North American and European ski season and the 2024 Australian ski season.