BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) continued its slow comeback from a devastating, COVID-19-stricken 2020 in the fourth quarter of fiscal year 2021.
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The company posted more than $204 million in revenue for the quarter that ended July 31, up from about $77 million during the same period last year. .
“Given the continued challenges associated with COVID-19, we are pleased with our operating results for the year,” Vail CEO Rob Katz said in a statement accompanying its quarterly report, released Thursday afternoon after the close of trading. “Our results highlighted our data-driven marketing capabilities, the value of our pass products, the resiliency of demand for the experiences we offer throughout our network of world-class resorts and our disciplined cost controls.”
Vail lost $3.49 per share in the fourth quarter of 2021, surpassing Zachs Consensus Estimate of a loss of $3.57 per share
“We are pleased with the strong demand across our North American summer operations during the fourth quarter, which exceeded our expectations and which we believe highlights our guests’ continued affinity for outdoor experiences,” Katz said in a prepared statement.
For the entirety of fiscal year 2021, Vail had sales of $1.65 billion, up from $1.58 billion in 2020. This success was due in part to a strong ski season at Vail’s Colorado resorts.
Net income for 2021 was $3.17 per share, a move in the right direction compared with EPS of $2.45 last year.
“Results continued to improve as the 2020/2021 North American ski season progressed, primarily as a result of stronger destination visitation at our Colorado and Utah resorts,” Katz said. “Excluding Peak Resorts, [a company acquired in 2019,] total skier visitation at our U.S. destination mountain resorts and regional ski areas for fiscal 2021 was only down 6% compared to fiscal 2019.”
COVID-19-related closures in Australia have weighed down Vail’s balance sheet and could continue to do so in 2022.
The company is projecting EBITDA — earnings before interest, taxes, depreciation and amortization — of between $785 million and $835 million for fiscal year 2022.
Vail’s capital improvements outlay for the new year is expected to be $315 million to $325 million.
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