Vail Resorts (MTN) Tops Q2 EPS by 14c; Updates FY16 Resort Reported EBITDA Outlook
Vail Resorts (NYSE: MTN) reported Q2 EPS of $3.14, $0.14 better than the analyst estimate of $3.00. Revenue for the quarter came in at $599 million versus the consensus estimate of $587.33 million.
The Company announced ski season-to-date metrics for the comparative periods from the beginning of the ski season through Sunday, March 6, 2016, and for the prior year period through Sunday, March 8, 2015. The reported ski season metrics are for our U.S. mountain resorts, excluding results from Perisher and the urban ski areas of Afton Alps, Mt. Brighton and Wilmot. The following data is interim period data and subject to fiscal quarter end review and adjustments.
- Season-to-date total lift revenue at the Company's U.S. mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up 19.6% compared to the prior year season-to-date period.
- Season-to-date ancillary spending increased over the prior year, with ski school revenue up 9.4% and dining revenue up 13.3% at the Company's U.S. mountain resorts. Additionally, retail/rental revenue for resort store locations was up 8.7% compared to the prior year season-to-date period.
- Season-to-date total skier visits for the Company's U.S. mountain resorts were up 9.9% compared to the prior year season-to-date period.
- We have updated our estimated range of Resort Reported EBITDA for fiscal 2016 to $430 million to $445 million.
- We expect Resort EBITDA Margin (defined as Resort Reported EBITDA divided by Resort net revenue) to be approximately 28.3% in fiscal 2016, at the midpoint of our updated guidance range. This is an estimated 270 basis point increase over fiscal 2015, excluding the non-cash gain on the Park City litigation settlement and Perisher EBITDA in the prior year.
- Our fiscal 2016 Real Estate Reported EBITDA guidance is unchanged and expected to be negative $4 million to a positive $2 million.
- Our Net Real Estate Cash Flow guidance is unchanged and is expected to be $13 million to $28 million.
- Net income attributable to Vail Resorts, Inc. is now expected to be in a range of $132 million to $152 million in fiscal 2016.
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