Vail revenues increase 21.7 percent YoY, takes charge from Australian acquisitions

BROOMFIELD — Vail Resorts Management Co. (NYSE:MTN) revenues jumped by almost one-fifth from its first quarter last year, but had greater-than-expected costs in closing one of its acquisitions abroad.

The Broomfield-based ski resort company posted $267.77 million in revenues for the quarter ending Oct. 31, but had an overall net loss for the quarter of $109.8 million and a $2.64 per share loss. That revenue figure increased by 21.7 percent compared to $220 million posted in the same quarter last year.

Those figures beat Wall Street consensus revenue estimates by $10.21 million and loss-per-share estimates by 34 cents, according to data compiled by market research firm Seeking Alpha.

However, the company posted pre-EBITDA losses of $77.62 million, higher than consensus estimates of $72.3 million. Vail attributed those losses partly to $7.8 million in additional charges and foreign exchange costs related to its September acquisition of two ski resorts in Australia.

In a prepared statement, CEO Rob Katz said lodging bookings are generally in line with last year’s booking rate. However, last month’s major snowstorms across the Front Range and new snowmaking equipment kicked off the skiing season to a stronger than expected start.

“The early season experience at our resorts has been encouraging, with strong conditions across our Colorado, Tahoe and Northeastern resorts,” he said.

Vail released its earnings after the close of trading Monday, where its stock closed at $230.92 per share.

In a separate announcement, Vail said it would begin construction on a series of new lifts at its Beaver Creek, Breckenridge and Keystone locations in Colorado in 2020 as part of an ongoing $215 million capital improvement campaign.

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