Vail Resorts (MTN) Tops Q1 EPS by 12c; Reaffirms Outlook
Vail Resorts (NYSE: MTN) reported Q1 EPS of ($1.63), $0.12 better than the analyst estimate of ($1.75). Revenue for the quarter came in at $174.6 million versus the consensus estimate of $167.81 million.
The Company reaffirmed its guidance for fiscal year 2016 of $405 million to $430 million of Resort Reported EBITDA
Commenting on the Company's fiscal 2016 first quarter results, Rob Katz, Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss given that our U.S. based mountain resorts are not open for winter ski operations during the period. The quarter's results are primarily driven by our summer activities, dining, retail/rental and lodging operations, administrative expenses and, for the first time, the operating results from Perisher. We were very pleased with our results in the quarter, with strong summer visitation to our U.S. mountain resorts driving increases in all of our key lines of business bolstered by the investments we have made in new summer activities. Additionally, we are very pleased with the results from Perisher's first season under our ownership. Perisher's results exceeded the expectations we had when we completed the acquisition due to strong visitation, in part driven by strong season pass sales following the announcement of our transaction, and strong yield growth. Our lodging results for the fiscal quarter were very encouraging with both occupancy and rate increases compared to the prior year. In particular, our properties at Grand Teton Lodge Company experienced strong visitation and spending as the park reached near record visitation levels this summer."
Regarding Real Estate, Katz said, "We continue to see positive momentum in our resort real estate markets. In the first fiscal quarter, we closed on sales of two units at Ritz-Carlton Residences, Vail and two units at One Ski Hill Place, as well as the sale of a land parcel. Real Estate Reported EBITDA was $1.2 million for the first fiscal quarter, as compared to a loss of $2.2 million in the first fiscal quarter last year. For the quarter, Net Real Estate Cash Flow totaled $10.0 million."
For earnings history and earnings-related data on Vail Resorts (MTN) click here.