Vail posts $153.8M loss, expects significant changes to peak ski season

BROOMFIELD — Ski resort operator Vail Resorts Management Co. (NYSE: MTN) is continuing to post losses well into the nine figures as the pandemic and its related closures continue to keep skiers off the mountains.

The Broomfield company posted revenues of $131.8 million in the previous quarter and an adjusted loss of $3.82 per share, missing Wall Street consensus estimates by $26.67 million and 29 cents per respectively, according to data from finance site Seeking Alpha.

It posted an overall net loss of $153.8 million in the period, compared with a loss of $106,475 for the same time in 2019,and slightly less than the $158 million loss in the last quarter.

While the third quarter of the calendar year is often the weakest for Vail due to it falling outside of skiing season in North America, the company’s Australian resorts were closed due to stay-at-home orders, and summertime visitation was well below historical levels.

In a statement, CEO Rob Katz said the company is planning for a peak ski season which will be marred by ever-changing conditions from the pandemic.

“The reservation systems and our contingency planning around our operations has positioned us to react quickly to the changing circumstances surrounding COVID-19 restrictions across our resort jurisdictions, which we expect will continue throughout the season,” he said.

The company also said its sales of ski passes for the 2020/2021 season through December were flat in sales dollars compared with the same period last year and deducting the value of reimbursed Epic Passes from earlier in the year.

 

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BROOMFIELD — Ski resort operator Vail Resorts Management Co. (NYSE: MTN) is continuing to post losses well into the nine figures as the pandemic and its related closures continue to keep skiers off the mountains.

The Broomfield company posted revenues of $131.8 million in the previous quarter and an adjusted loss of $3.82 per share, missing Wall Street consensus estimates by $26.67 million and 29 cents per respectively, according to data from finance site Seeking Alpha.

It posted an overall net loss of $153.8 million in the period, compared with a loss of $106,475 for the same time in 2019,and slightly less than the $158 million loss in the last quarter.

While the third quarter of the calendar year is often the weakest for Vail due to it falling outside of skiing season in North America, the company’s Australian resorts were closed due to stay-at-home orders, and summertime visitation was well below historical levels.

In a statement, CEO Rob Katz said the company is planning for a peak ski season which will be marred by ever-changing conditions from the pandemic.

“The reservation systems and our contingency planning around our operations has positioned us to react quickly to the changing circumstances surrounding COVID-19 restrictions across our resort jurisdictions, which we expect will continue throughout the season,” he said.

The company also said its sales of ski passes for the 2020/2021 season through December were flat in sales dollars compared with the same period last year and deducting the value of reimbursed Epic Passes