Vail Resorts (MTN) Tops Q3 EPS by 25c, Offers Outlook
Vail Resorts (NYSE: MTN) reported Q3 EPS of $6.72, $0.25 better than the analyst estimate of $6.47. Revenue for the quarter came in at $889.1 million versus the consensus estimate of $882.08 million.
Outlook:
Commenting on the outlook for fiscal 2021, Katz said, "Net income attributable to Vail Resorts, Inc. is expected to be between $93 million and $139 million for fiscal 2021. We expect that Resort Reported EBITDA for fiscal 2021 will be between $530 million and $570 million, and we expect that Resort Reported EBITDA Margin for fiscal 2021 will be approximately 28.9%, using the midpoint of the guidance range. Our guidance assumes all of our operations are open and aligned with current health and safety protocols and capacity restrictions, current demand trends continue, we experience normal weather conditions throughout the Australian ski season and North American summer season, and there is no impact from potential COVID-19-related shutdowns or lockdowns. The guidance specifically assumes no impact from potential demand or operational disruptions associated with the current lockdowns in Victoria, Australia. The outlook for fiscal year 2021 is predicated on current Canadian and Australian foreign exchange rates of $0.82 and $0.78, respectively, for each currency to the U.S. dollar for the remainder of the fiscal year."
Fiscal 2021 Guidance | |||||||
(In thousands) | |||||||
For the Year Ending | |||||||
July 31, 2021 (6) | |||||||
Low End | High End | ||||||
Range | Range | ||||||
Net income attributable to Vail Resorts, Inc. | $ | 93,000 | $ | 139,000 | |||
Net loss attributable to noncontrolling interests | (2,000) | (6,000) | |||||
Net income | 91,000 | 133,000 | |||||
Provision for income taxes (1) | 18,000 | 29,000 | |||||
Income before provision for income taxes | 109,000 | 162,000 | |||||
Depreciation and amortization | 254,000 | 252,000 | |||||
Interest expense, net | 152,000 | 149,000 | |||||
Other (2) | 9,000 | 3,000 | |||||
Total Reported EBITDA | $ | 524,000 | $ | 566,000 | |||
Mountain Reported EBITDA (3) | $ | 542,000 | $ | 580,000 | |||
Lodging Reported EBITDA (4) | (14,000) | (8,000) | |||||
Resort Reported EBITDA (5) | 530,000 | 570,000 | |||||
Real Estate Reported EBITDA | (6,000) | (4,000) | |||||
Total Reported EBITDA | $ | 524,000 | $ | 566,000 | |||
(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards are in-the-money. | |||||||
For earnings history and earnings-related data on Vail Resorts (MTN) click here.