BROOMFIELD — Vail Resorts, Inc. (NYSE: MTN) is showing fiscal third quarter net income up 41.5 percent over same period income of 2017, according to third quarter results released Thursday.
Vail Resorts’ third quarter ended April 30, 2018.
Net income for the third quarter was $256.3 million compared with $181.1 million for the third quarter one year before.
Vail Resorts, with its headquarters in Broomfield, also reported that season pass sales for the next ski season bridging 2018-2019 increased about 12 percent in units and 19 percent in sales dollars through May as compared with the same period of the year prior.
“We are pleased with our performance in the quarter and for the full 2017/2018 North American ski season, particularly given the challenging weather conditions across the western U.S. for much of the season,” said Rob Katz, chief executive officer of Vail Resorts, in a prepared statement. “Our performance demonstrates the resiliency of our business model, the stability provided by our geographically diverse resort network and the importance of increased advanced purchase products, including our season passes. Our improved results in the third fiscal quarter also underscore the strength of the high-end consumer’s demand for ski vacations once conditions improved across our network.”
He said conditions improved in the second half of the ski season even though overall seasonal snowfall was below average at many of Vail’s U.S. resorts. Also helpful to the organization was stepped up use of data-driven marketing that targeted specific audiences.
Katz said lodging revenue was flat to down as compared with the prior year.
The Vail Resorts board has declared a quarterly dividend on common stock of $1.47 per share, payable on July 12 to shareholders of record on June 27. Additionally, the company repurchased $25.8 million of stock during the quarter at an average price of $223.51.