Vail Resorts reports higher income, lift pass sales

BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) reported increased income in the third fiscal quarter of 2019, which ended April 30, over the same quarter of 2018.

The Broomfield-based company said net income was $292.1 million during that quarter, compared with $256.3 million in the same quarter of the prior year.

Season-pass sales through May 28 for the 2019-2020 North American ski season increased about 9 percent in units and 13 percent in dollars as compared with the same period of the prior year.

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“We are pleased with our overall results for the quarter and for the full 2018/2019 North American ski season, with strong growth in visitation and spending compared to the prior year, including a strong finish to the season with good conditions across our western U.S. destination resorts,” Rob Katz, CEO, said in the earnings statement. “After the challenging early season period for destination visitation, our results for the remainder of the season were largely in line with our original expectations. Our results throughout the 2018/2019 North American ski season highlight the growth and stability resulting from our season pass, the benefit of our geographic diversification, the investments we make in our resorts and the success of our sophisticated, data-driven marketing efforts.

“Our Colorado, Utah and Tahoe resorts experienced strong local and destination visitation throughout the third fiscal quarter, supported by favorable conditions across the western U.S. which also allowed for an extension of the ski season for select resorts in Colorado and Tahoe. The company continued experiencing relative weakness in international visitation compared to the prior year, particularly at Whistler Blackcomb,” he said.

The company closed two land sales during the third quarter with third party developers at Keystone and Breckenridge for proceeds of about $16 million, Katz said.