Vail Resorts, Inc. (NYSE:MTN) stock rose 3.10% (As on December 9, 12:34:30 AM UTC-4, Source: Google Finance) after the company posted mixed results for the first quarter of FY 23. Mountain segment net revenue increased $92.4 million, or 84.6%, to $201.7 million for the three months ended October 31, 2022 as compared to the same period in the prior year, primarily driven by our Australian ski areas, which experienced record visitation and favorable snow conditions in the current year following periodic COVID-19 related closures and restrictions in the prior year. Lodging Segment net revenue (excluding payroll cost reimbursements) increased $9.7 million, or 15.1%, to $73.9 million for the three months ended October 31, 2022 as compared to the same period in the prior year, primarily as a result of incremental revenue from the Seven Springs Resorts, as well as fewer COVID-19 related limitations and restrictions as compared to the prior year. Resort net revenue was $279.3 million for the three months ended October 31, 2022, an increase of $104.1 million as compared to Resort net revenue of $175.3 million for the same period in the prior year. Net loss attributable to Vail Resorts, Inc. was $137.0 millionfor the first quarter of fiscal 2023 compared to a net loss attributable to Vail Resorts, Inc. of $139.3 million in the prior year.

MTN in the first quarter of FY 23 has reported the adjusted loss per share of $3.40, missing the analysts’ estimates for the adjusted loss per share of $3.17, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 59.2 percent to $279.4 million in the first quarter of FY 23, beating the analysts’ estimates for revenue of $246.1 million.

Additionally, the total cash and revolver availability as of October 31, 2022 was approximately $1.8 billion, with $1.2 billion of cash on hand, $417 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $207 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2022, our Net Debt was 2.0 times trailing twelve months Total Reported EBITDA. The Company declared a quarterly cash dividend of $1.91 per share of Vail Resorts’ common stock that will be payable on January 10, 2023 to shareholders of record on December 27, 2022.

The Company reaffirmed its guidance for fiscal year 2023 of $321 million to $396 million of net income attributable to Vail Resorts, Inc. and $893 million to $947 million of Resort Reported EBITDA.