Vail Resorts (MTN) Misses Q4 EPS by 13c, Offers FY15 Guidance
Vail Resorts (NYSE: MTN) reported Q4 EPS of ($2.08), $0.13 worse than the analyst estimate of ($1.95). Revenue for the quarter came in at $135.5 million versus the consensus estimate of $127.1 million.
Commenting on guidance for fiscal 2015, Katz said, "We estimate Resort Reported EBITDA for fiscal 2015 will be between $340 million and $360 million, which includes approximately $5 million of litigation, transaction and integration expense. Included in our estimates for fiscal 2015 Resort Reported EBITDA is approximately $35 million of incremental Resort Reported EBITDA from the addition of Park City Mountain Resort. We expect Resort EBITDA Margin (defined as Resort Reported EBITDA divided by Resort net revenue) to be approximately 25.3% in fiscal 2015, using the midpoint of the guidance range. This is an estimated 3.0 percentage point increase over fiscal 2014. We estimate fiscal 2015 Real Estate Reported EBITDA to be between negative $13 million and negative $6 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 $75.5 million and $100.5 million in fiscal 2015.
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