Vail Resorts net income climbs 13 percent in third quarter

BROOMFIELD – Vail Resorts Inc. (NYSE: MTN) on Monday reported a 13.1 percent leap in third-quarter net income vs. the same period a year ago, despite record low snowfall at its Lake Tahoe-area resorts in California and Nevada.

The Broomfield-based company’s earnings and revenue figures for the period ending April 30, however, fell just shy of analyst expectations, leading Vail’s share price to dip slightly. Shares were trading at $104.92 at midday Monday, down $1.11 from Friday’s close.

The earnings for Vail Resorts, which owns the resorts of Vail, Beaver Creek, Keystone and Breckenridge in Colorado, came in at $133.4 million, or $3.56 per share, in the third quarter. That’s compared with $117.9 million, or $3.18 per share, a year ago.

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Revenue climbed 6.7 percent, to $579.3 million.

Also on Monday, the company declared a quarterly cash dividend of 62.25 cents per share payable on July 10 to shareholders of record on June 25.

“Our results reflect the continued momentum from our growing season pass products, our ability to attract high-end destination guests to our collection of resorts and the profitable growth that we are driving across our business,” Vail Resorts CEO Rob Katz said in the company’s earnings release.

Vail’s Mountain Segment accounted for much of the company’s revenue growth, leaping 13.2 percent to $285.2 million thanks in large part to a big bump in season pass revenue.

Additionally, the company reported that season-pass sales for the 2015/2016 season are up 12 percent in units and 20 percent in sales dollars through May 26 compared with the same timeframe a year ago.