Vail Resorts (MTN) Misses Q4 EPS by 13c

Vail Resorts (NYSE: MTN) reported Q4 EPS of ($1.80), $0.13 worse than the analyst estimate of ($1.67). Revenue for the quarter came in at $179.88 million versus the consensus estimate of $171.36 million.

On season pass sales, the company said, We are extremely pleased with our season pass sales to date. Through September 18, 2016, U.S. ski season pass sales increased approximately 24% in units and 29% in sales dollars, compared to the prior year period ended September 20, 2015. Our growth continues to be driven by our increasingly sophisticated and targeted marketing efforts to move destination guests into our season pass products, with this segment representing over half of this year's growth. As always, we do expect our season pass growth rates to decline through the end of our selling season, given that some of the increase is driven by our efforts to encourage guests to purchase their passes earlier in the year. Last year at this point in the year, we had sold approximately 60% of our season passes for the upcoming ski season, though we believe that figure may be higher this year, given the aforementioned efforts to move purchases earlier in the selling cycle.

Guidance:

Commenting on guidance for fiscal 2017, Rob Katz, Chief Executive Officer, said, "We estimate Resort Reported EBITDA for fiscal 2017 will be between $480 million and $510 million. We expect Resort EBITDA Margin to be approximately 29.7% in fiscal 2017, using the midpoint of the guidance range. This is an estimated 100 basis point increase over fiscal 2016. We estimate fiscal 2017 Real Estate Reported EBITDA to be between $2 million and $8 million. Net Real Estate Cash Flow is expected to be between $10 million and $20 million. Net income attributable to Vail Resorts, Inc. is expected to be between $165.5 million and $194.5 million in fiscal 2017. All of these estimates are predicated on an exchange rate of $0.77 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia. In addition, all of these estimates exclude any operating results from the pending acquisition of Whistler Blackcomb, including associated transaction-related and integration costs."

The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2017, for Reported EBITDA (after stock-based compensation expense) and reconciles such Reported EBITDA guidance to net income attributable to Vail Resorts, Inc. guidance for fiscal 2017.

For earnings history and earnings-related data on Vail Resorts (MTN) click here.

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