Vail Resorts (MTN) Tops Q1 EPS by 33c, Revenues Beat

Vail Resorts (NYSE: MTN) reported Q1 EPS of ($2.64), $0.33 better than the analyst estimate of ($2.97). Revenue for the quarter came in at $267.8 million versus the consensus estimate of $257.66 million.

Highlights

• Net loss attributable to Vail Resorts, Inc. was $106.5 million for the first fiscal quarter of 2020 compared to a net loss attributable to Vail Resorts, Inc. of $107.8 million in the same period in the prior year. Fiscal 2020 first quarter net loss included the after-tax effect of acquisition and integration related expenses of approximately $6.8 million and approximately $1 million of unfavorable foreign exchange as a result of the U.S. dollar strengthening over the prior year compared to the Australian dollar. Fiscal 2019 first quarter net loss included the after-tax effect of acquisition and integration related expenses of approximately $4.9 million.
• Resort Reported EBITDA loss was $76.7 million for the first fiscal quarter of 2020, which included $9.0 million of acquisition and integration related expenses and approximately $2 million of unfavorable foreign exchange as a result of the U.S. dollar strengthening over the prior year compared to the Australian dollar. In the same period in the prior year, Resort Reported EBITDA loss was $72.5 million, which included $6.6 million of acquisition and integration related expenses.
• Season pass sales through December 2, 2019 for the upcoming 2019/2020 North American ski season increased approximately 17% in sales dollars (22% in units) as compared to the period in the prior year through December 3, 2018, including Military Pass sales and Peak Resorts pass sales in both periods. Pass sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.75 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.
• The Company reaffirmed its guidance for fiscal year 2020 of $778 million to $818 million of Resort Reported EBITDA.

Outlook

Commenting on fiscal 2020 guidance, Katz continued, "Given our first quarter results and the indicators we are seeing for the upcoming season, we are reiterating our Resort Reported EBITDA guidance for fiscal 2020 that was included in our September earnings release, based on the assumptions incorporated at that time, including foreign currency exchange rates. While pass sales results to date have been encouraging, it is important to remember that the North American ski season has just begun, with our primary earnings period still in front of us."

For earnings history and earnings-related data on Vail Resorts (MTN) click here.

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