Vail Resorts posts 18 percent boost in earnings
BROOMFIELD – Vail Resorts Inc.’s share price was up 1.7 percent Thursday afternoon following a third-quarter earnings report that reflected an 18.2 percent increase in net income.
Broomfield-based Vail Resorts (NYSE: MTN), operator of several ski resorts across the United States, posted net income for its third fiscal quarter ending April 30 of $157.6 million, or $4.23 per diluted share, up from $133.4 million, or $3.56 per share, a year earlier.
Revenue climbed from $579.3 million for last year’s third quarter to $647.5 million this year.
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The company’s shares were trading at $137.48 late in the trading day Thursday.
In addition to the strong results this ski season, officials for the company said good snow this year has helped give a major boost to early sales of season passes for the 2016/17 season. Through May 31, season pass sales for next season were up by 29 percent in units and 34 percent in sales dollars versus the same period last year. The number of passes sold for next season already equals about 50 percent of the total passes sold for the 2015/16 season.
The strong results have prompted Vail Resorts officials to boost guidance on earnings before interest, taxes, depreciation and amortization for the 2016 fiscal year by more than 7 percent to range of $448 million to $454 million.
The company on Thursday also announced that its board of directors has declared a quarterly cash dividend of 81 cents per share payable on July 13 to stockholders of record on Jun 28. The company also said it repurchased $13.8 million-worth of stock during the third quarter at an average price of $127.59.
