Vail Resorts (MTN) Reports Q2 EPS of $5.67, Beats on Revenues; Offers EBITDA Guidance
Note: EPS may not be comparable
Vail Resorts (NYSE: MTN) reported Q2 EPS of $5.67, versus $3.58 reported last year. Revenue for the quarter came in at $734.58 million versus the consensus estimate of $714.96 million.
- Net income attributable to Vail Resorts, Inc. was $235.7 million for the second fiscal quarter of 2018, an increase of 58.0% compared to net income of $149.2 million for the second fiscal quarter of 2017. Fiscal 2018 second quarter net income included a one-time, net tax benefit of approximately $64.6 million (or approximately $1.55 per diluted share) related to the recently enacted U.S. Tax Cuts and Jobs Act (the "Tax Act").
- Resort Reported EBITDA was $308.9 million for the second fiscal quarter of 2018, which includes the operations of Stowe and $1.4 million of acquisition and integration related expenses, compared to Resort Reported EBITDA of $305.2 million in the same period in the prior year, which included $2.1 million of acquisition and integration related expenses.
- The Company updated its fiscal 2018 guidance range and is now expecting Resort Reported EBITDA to be between $607 million and $627 million.
- The Company\'s Board of Directors approved a 40% increase in the quarterly cash dividend to $1.47 per share from $1.053 per share beginning with the dividend payable on April 11, 2018 to stockholders of record as of March 27, 2018.
- Net income attributable to Vail Resorts, Inc. is expected to be between $357 million and $391 million in fiscal 2018.
- Resort Reported EBITDA is expected to be between $607 million and $627 million for fiscal 2018, which is predicated on current Canadian and Australian foreign exchange rates. The updated outlook for fiscal year 2018 is based on conditions and terrain availability remaining relatively consistent with their current status through the remainder of the ski season.
- Resort EBITDA Margin expected to be approximately 30.9% in fiscal 2018, at the midpoint of our guidance range.
- Fiscal 2018 Real Estate Reported EBITDA is expected to be between negative $8 million and negative $2 million.
- The fiscal 2018 effective tax rate is expected to be a benefit of approximately 12%, inclusive of one-time benefits recorded in the first and second fiscal quarters.
For earnings history and earnings-related data on Vail Resorts (MTN) click here.